There is also a house on my farm that I want to renovate, rent, and refinance. 

Waiting a year might not be a bad idea versus pulling the trigger sooner and having to pay to refinance later.Also realize it may be tough starting off as a 17 year old.  

I would recommend buying now and refinance when interest rates go down significantly.

Or rent out, refinance , and recoup money else where knowing what I know now .

You should consider learning about house hacking, BRRRR (Buy, Rehab, Rent, Refinance, and Repeat) and group home investing, I feel.

There are some pros & cons for sure: Pros: 1 payment versus multiple easier to keep track of, some times higher LTV than individual loans. cons: there is a “break fee” on most, if you want to sell 1 or refinance 1 property in specific you’ll have to pay this fee to rebalance the blanket loan, typically 1-2% of remaining balance.

With just 12.10% down, I was able to get 25% equity in the property :) How long you had to wait to refinance it ? 

Purchase price: $140,000 Cash invested: $140,000 ARV 375,000...currently making monthly interest only payments to investor...using as primary res....Will refinance in a few months and use equity for other investments.

If you do cash out refinance it would allow to only get to 75% LTV around the high 7s with some points, they would still require to be 1st position.

Although I did not put down 20% to avoid the PMI, I felt it was worth it to not HAVE to refinance to get out of it.