I honestly think that will be the #1 delay to things.

I think I have a solution in mind but since this would be my first deal I may be missing something important.

I think everyone's situation is different, and when one crafts their buy box, they need to consider their current family and finances.For me, when I started, I wanted to buy 2-4 unit distressed properties in neighborhoods I wanted to live. 

Do you think this would be feasible in Phoenix and if so, which areas?

Think about lead certification for Cleveland if you are purchasing in the current market.

Instead of losing 55k they will probably only end up losing $25,000 - $30,000Long term its not a great cash flow property but with some renovations and addition of a parking slab I think long term appreciation is the big goal here.

I have a quadplex it has a basement we roughed in to add a unit one day....well, we're thinking it's "one day". 

Quote from @Erik Estrada: Quote from @Mario Morales: Quote from @Erik Estrada: Hey Mario, I think you should first establish whether or not this is a non-owner occupied rental property or if this is just a primary residence refinance.

I didn’t think I would find a deal to begin before the end of the year.

If it was your own money I think you have to wait 12 months to refi.Run your numbers and make sure you will CF with a renter first.