The main point is you buy something that works for you.Just FYI, based on what I am used to in my current market. that triplex you mentioned would be an instant no thanks.  

That's amusing.

The 150 is the low end and I am using that to be conservative.

But to be honest, I am using a HomeReady loan and do not see myself actually moving out to the desert and driving 2-3 hours to work everyday.

I am used to PMI being removed at 20% equity. 

I am using increased numbers in all the costs compared to what they are now.

line is a joke when uttered amid mass layoffs (amusing link), and stock valuations that are down >30% YTD across the board [see stock tickers: rkt, uwmc, hmpt]).A part of that "baseline" is always refinances, but anyone that rate/term refinanced in 2020/2021 will likely not rate/term refinance again for at least 6-10 years, just as folks that rate/term refid in 2012 ("omg 3.375%, rates can NEVER get that low again!") 

I am used to residential mortgages (i.e., for multi-family property) and there are a number of "terms" to the term-sheet that seem onerous.

Since I am using a HELOC to get started, I really need to be able to force some equity on my first purchase. 

Please stay tune for: How did we became landlords for our first property and "forgot" about it.For my educational purposes and for your amusement: First property analysis of our first “forgotten” property.