For the highest security clearance, (TS/SCI) it costs the government between $5,000 -7,000 USD per individual, depending on the position being sought and amount of work that needs to be done.

The company providing the hard money loan should have these answers for you.Our HM lender has several lenders in place to re-fi out of the hard money into conventional.Your hard money people want you to have an exit strategy so they should already have these lenders in place, lenders who are 100% familiar with what you are doing.

This limits your choice of lenders and the LTV they will lend, but it is still an ability to leverage the IRA dollars.A non-recourse loan may be used for the initial purchase of a property, done as a re-fi or even applied as a portfolio loan to several properties held by your IRA.The use of debt-financing creates exposure to a tax known as UDFI.  

Allow me to opine on how to stay 'market crash proof':  buy great deals that are under current market value (with terms from seller when possible), and if you purchase money mortgage or re-fi, don't go over 60% LTV. 

Then cash out re-fi or HELOC to capture the second deal. 

Its not the "house hack your way through to FI" or "anyone with a spare room in their grandmas basement can do STRs" So just beware its maybe not a great entry level place to start for most.

I think he's suggesting a cash-out re-fi to make up the 20% down difference.Another question, is the payment on a second for 20% and then a lot higher rate (for being subordinate debt) better than PMI?

@Colleen F. I

There are plenty of people here or profiled on the BP podcast who started where you are and got to FI.

@Scott Kimberly There are a few different ways to go about selling, re-fi, and collecting rents.