We are planning to hold it for 5 years and bought a rate cap to cover the entire hold period. 

I bought a property in Mesa in Sept, 2022 over price.

We bought it for $225K and spent another ~$80K on improvements.  

I have a duplex I bought in 2019 for $62,000 that was essentially turnkey (off-market).

I even bought 3 properties in one day using the HELOC to fund the down payment on each of those purchases. 

If you have other money besides the 20K then this is a different story Already living in a house I bought before Covid.

Plus new folks do a very poor job of screening the buyer for Ability To Repay (ATR) which involves pulling full doc and calculating the borrowers DTI, honest income, honest debt payments, prior debt payment histor (FICO) etc etc.Plus shockingly (or shocking to sellers) if you bought this investment house, fixed it, then are selling with financing you are selling "inventory" and y9ou owe taxes on the gain in the year of sale, you are NOT able to use installment sale to spread out paying taxes. 

@Matt SchreiberI bought my one and only short-term rental (STR) in North Myrtle Beach in February 2024.

Anything Lee touches turns to GOLD! 

Quote from @Jason Proulx: Bought a home in nc paid cash for it.