And unlike the borrowers, who fund the whole damn thing, the investors are covered for losses.

There are many communities within each of these areas that run or allow nightly rental programs. 

The landlord policy will usually address liability and rental income loss for the rented unit, while the HO3 covers your personal belongings and liability for the owner-occupied unit.

There are loan programs specifically for Virginians.https://www.virginiahousing.com/enGood luck and Happy 2025

A new person doing an OOS BRRRR right now is ripe for a loss.

No experience in Brooklyn but there are a lot of programs out there for rental assistance.

You don't want to sell at a loss either.  

So, you say will I want to take some cash out using the 200k value but most programs will require you to wait some period of time from 3 months up to 12 months for conventional before you can use that 200k value to pull cash out.This seasoning does NOT apply to delayed financing as I mentioned in my post above.  

I had clients in PHX  and Vegas that lost their 4 plex's because they went 100% vacant and stayed that way.. they owned 4 or 5 of them.. it only took about 3 months of negative cash flow and they were done.Max leverage loss tenants  lose property.. that's the formula..  

Given the cash flow loss on the 7% property, I think I need to remove the emotion and make the right business decision for my portfolio holistically.