@Jacob Welbourne were you able to BRRRR the property and pull out your initial investment?

.), and continue to educate myself on NOI, Cap rate, cash-on -cash return etc.BP community, I am open-minded, willing to take initiative, always willing to be taught something new, but also ready to share any experience or knowledge I have that can help someone else. 

Initially, I was focused on multifamily properties, but after doing more research and considering that I will be making Florida my primary residence, I believe that house hacking or short-term rentals (STR) may be the ideal route for me.i still will own my Southern California home; shift it to secondary.  

We were not interested in the initial asking price, but countered with a much lower price.

Hi Charles, As long as the borrower can show they have similar renovation experience, you should be able to do 80-85 on the initial PP and 100% of the rehab financed. 

I'm okay with a high interest rate up to 15% because I can still breakeven on the mortgage but not sure how to finance this deal without losing my initial payments

This creates two loan payments ($100,000 of equity and $300,000 on the new mortgage).Key NumbersHome Equity Loan Interest Rate: 6%Mortgage Interest Rate: 7%Rental Income: $3,000 per monthExpenses (management, taxes, insurance, maintenance): $800 per monthIncome and ExpensesMonthly Rental Income: $3,000Monthly Expenses: $800Monthly Mortgage Payment: $2,000ExplanationThe investor earns $3,000 in rent each month.They pay $2,000 on the investment property mortgage and $800 on other expenses.This leaves $200 profit each month or $2,400 per year.However, you have to pay $6,000 interest on the equity borrowed.This leaves you with an annual loss of $3,600.While the rental property generates positive monthly income, the interest cost of borrowing the initial $100,000 results in an overall loss.

Initially the numbers were 40k for rehab cost Lessons learned?

Despite this, I have tried to be patient and haven't initiated any eviction proceedings, even though Hawaii Tenant Law allows me to issue a "notice to pay rent" after just 5 days of delinquency.I've heard that if you're having issues with a military tenant, you can contact their commanding officer to help resolve the problem.

You will need to save that initial income to buy your first properties, get your mortgages, etc.You don't need a college degree to swing a hammer, but that psychology class could come in handy negotiating with a difficult tenant.