Are you needing a long term or bridge loan?

For me personally long term rentals add another layer of complexity and staff needs.

I would at least recommend you have them shop a policy for you.One thing we did note is that with hail damage to roofs, they seem to be decreasing coverage/increasing deductibles on that if ever needed.

These should be reflected in the purchase price or negotiated as part of the terms, such as the seller carrying some of the renovation burden.Use seller financing to your advantage by proposing a price closer to $225,000-$250,000 with terms such as 20% down, a low interest rate (4-5%), or interest-only payments for 3-5 years, with a balloon payment once renovations are complete and cash flow stabilizes.If the seller is firm on price, consider negotiating higher down payment terms to reduce the financed amount, paired with interest-only terms or a price reduction tied to renovation milestones.Key questions to address include the condition of the septic system, which can be a significant expense if it fails.

New primary mortgage will be about $2500 a month, old house that I will rent out long term is $1000 a month.

Divide the long-term vision into manageable steps.

If the market is tough, I reduce the rent rate over the full 12-month term.

Historically, real estate will appreciate over the long term.  

Own and just keep it as a rental longterm/short term rental?

Hi there, if you're open to holding onto the property, converting it into an Airbnb or short-term rental could significantly increase your cash flow, especially with the current demand for rental properties.