As a loan officer, I've seen a few people go through the same scenario of basically breaking even. 

30-Year Conventional: 7.01%30-Year VA Loan: 6.40% Drive Safely, Las Vegas!

*Aggressively paid down debt, focusing on loans with the highest interest rates and lowest balances that could be paid off the quickest, converting debt to cash flow.

@Mark Sullivan if you are a buy and hold investor these loans work great.

the rest of the loan payment right now is coming back to you eventually. 

Woohoo! My offer got accepted for an investment property in Pennsylvania. Next up is a huge financial hit: closing costs. I just signed a bunch of disclosures from my lender and after reading them it has me thinking, ...

Make sure to provide clear disclosures to the seller about the risks involved, especially regarding the existing mortgage staying in their name.Insurance Considerations – You’ll need to work with an insurance agent who understands sub-to deals, as the lender might require a policy that keeps the seller as the named insured.Due-On-Sale Clause – While banks rarely call loans due, it’s still a possibility.

But because it is built before 1960 banks do not insure it as it is(not renovated) for earthquake so they do not grant me a loan even though my payslip is quite good 

I got the loan.

But would I tell a person I don't know to find and buy a severely distressed property, take out a hard money loan to buy it, perform a monster rehab, and then refinance and hope for the best?