Take a look in the mirror if you want to see who that person is.I you paid over Property Value, and you have a 5 year balloon, then you better hope the property appreciates, and the added value from the rehab, increases in 5 years to a new value where 80% (or whatever loan % of the PV you can refi at then) will cover the balloon payment...because that's what you will be trying to refi at that time.Paying over the PV isn't a problem. 

In my opinion you should still be able to live a frugal life that mirrors that of living with your in laws because you'd run the numbers and the property should cash flow.

Two, a key about asking questions is to ask a mirror question.

If the roofer doesn't reimburse them guess who will (look in mirror). 

And this would satisfy at least one tax court ruling out there.Just be able to look yourself in the mirror and have a good rationale for "changing your intent". 

And it was not just Detroit most markets mirrored this..

This helped significantly for renting out the property, and selling it.KitchenUpdates made included changing the light fixture, painting the cabinets, adding cabinet handles, buying a new microwave and oven, and updating the countertops.BathroomUpdates included replacing the mirror, changing out the light fixture and fan, and adding an accent wall.Laundry RoomThe only update here was getting a new washer and dryer.BedroomOnly updates in the 3 bedrooms were changing out blinds where needed, and changing all door handles from bronze to satin nickel.RentBefore the refinance, with the smaller loan and lower principal and interest payment, expected cash flow was around $300.

It spins off dividends and mirrors the whole market so there is considerable safety as more than just a hedge against inflation.Many FIRE enthusiasts put every extra dollar they can into VTSAX and are able to retire much earlier than the average person.

If you're in software development, you're good at what you do, and you're not focused on some bespoke in-house developed platform that no one outside of your organization has ever heard of - Austin will be a better job market for you than Philly. 

If you're interested in real estate investing, I would start with these:-Save your money by investing in indexes that mirror the S&P and NASDAQ.