It covers those groves of the old wood paneling and is paintable.

Your plans may change and you need the funds to cover that expense.I recommend you consider a house hack right now.

Many people are suggesting to do a 1031 but have no idea what your gain / tax is(if any).Co-ops in the tri-state area 'normally' don't appreciate a crazy amount.The main reasons is the high monthly maintenance costs, over-leverage of the board, potential difficulty of buyers getting a mortgage and the approval process of the buyer.With that said, talk to your CPA to discuss what your gain / tax would be before thinking about a 1031 exchange.If your tax burden is low, don't bother with the 1031It may be possible that you have suspended passive losses to cover your tax burden.best of luck.

All-in-all the amount of the loan shouldn't be substantial enough to the point where I wouldn't be able to cover it out of pocket anyways if need be, just want to make sure that I'm not missing anything.Does it sound like I have the situation figured out or is there something I might be missing?

Bridge Loan: Short-term financing to cover immediate cash needs.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

I decided to go with a fixed rate HEloan over a HELOC because at the time, interest rates were rising and I knew that the rents can more than cover the fixed payments.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Lenders typically look for a minimum DSCR of 1.2 or higher, meaning your property's income should cover 120% of your debt obligations.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.