The struggle comes when you plan to sell, pay close attention to how the bank would treat the loan in the event you would sell.Even though its a bit more work, banks are typically open to these loans as it provides them with additional collateral in the event of default.  

started the interest rate at 8.5% and wrote in the contract that their interest rate will change anytime my bank loan's changes (every 5 years) and will always remain 2.5 interest points above...for what it's worth...i have another under contract that hopefully will close soon..i'd be interested in hearing about this wally wrap as well bryan...what was that?

Quote from @Maya Cohen: I've been searching for up-to-date estimates of the cost per sq ft for new construction of SFH & MFH in Philadelphia in 2025. 

Quote from @Scott Mac: Can the staff force you to do that or hold you up in some way?

I'd recommend having enough to close on the deal + rehab + $5k in reserve as a minimum. 

As you may have found in your search, there are lenders that will lend up to 80% of the appraised value on investment properties and don't require an appraisal.Let me know if you'd like me to point you in the right direction.

I will let you know what's up

Hi Art,  No, we've just recently closed on a beach rental and I'm about to close on another this month. 

At that time I'll attempt to structure a 10 year term unless I consider a shorter hold period in which I'll negotiate the lowest rate possible to fit a shorter term more closely matching my remaing hold timeline.

Contact a local closing attorney as they may have one for you to use.