I originally started as 80% LTV and 12% + 1 point with 3 month prepay penalty 

they make money servicing not originating new loans. 

If you intend to vacate, the original lease agreement states you have to provide a 30 day written notice of your intent to vacate.

Since the LLC doesn't own the rental you're missing out on the asset protection that was originally intended.

Once the interior was stripped and the infrastructure tested, I brought in commercial contractors to handle critical systems like plumbing, electrical, roofing, and HVAC installation.The house, built in the early 1900s, was originally a coal-burning residence.

@Michael Palmer As a general rule of thumb bank originated construction debt will be WSJ Prime +1 point with a floor, 1 point origination and 75-80% LTC while meeting certain LTV thresholds (normally 70-75%).

I agree with the original poster. 

If you have a slow leak...coverage is less likely especially with aged plumbing.To the original poster, Salil.  

Buy strategically, and if you do it right you may be able to get that 2nd one quicker than you originally thought and sit in a better position than you do as of today.

Originally posted by @Chris Baber:Hi Terry, I'm curious who you went with to manage your new property.