If you want flexibility and liquidity, Option 2 might edge out.

This can give you the flexibility to fund your flip without the restrictions of a HELOC.

Prepayment Penalty (Defeasance, Yield Maintenance, Flexible Prepay Options): What is defeasance and how does it work?

In addition we would like the flexibility for me to be able to supplement my income or leave my employer as we see fit.

In my experience, it’s all about networking with local contractors and being flexible with your plans to stay ahead of any issues that come up.Happy to exchange knowledge!

In some cases, Fannie Mae may approve a PMI removal even earlier than the 2-year seasoning period if you can prove the substantial increase in the property’s value.Speak with Your Lender: Given the complexity here, consider having a direct conversation with your lender and asking for a specific review of your PMI removal request based on the current LTV and any potential reappraisal opportunities.In summary, while it’s generally required to wait for the two-year seasoning period for PMI removal on HomeStyle loans, there could be flexibility depending on the lender’s interpretation of Fannie Mae's guidelines and your property’s new appraised value.

The moral of the story here is that vacancy is so low right now, especially in Tampa, that it is very difficult to get flexibility with your lease.

In a situation like that where they did not see the unit ahead of time, I would likely be more flexible about these issues.

On the other hand, if you’re looking for flexibility or control, or you prioritize high resale value, it’s worth exploring alternatives like small multifamily properties or single-family homes in areas with broader market appeal.Coming here to see if anyone has suggestions or experience to share is a great first step!

Creative financing can provide flexibility in structuring deals that work for your financial situation.I understand that rates are a bit higher than everyone would like at the moment.