I'm working directly with Steve Davis, got my CAM certification, and am reading the above books.

Things I learned in my first job that have continued to prove valuable today: underwriting, managerial accounting, private equity deal structures, what a side letter is, what investors want out of deals, what a K-1 is, why real estate is a valuable investment class, what asset allocation is, where to find tenants, what cam is, how to handle Capex items in sophisticated underwritings, loan docs and negotiating terms thereof, understanding a lease, what an estoppel is, what a phase one and phase two are, how to read a PCA, basics of land use and zoning...Oh and best of all, I got paid to learn all of this stuff.  

Actually now I am a licensed CAM and manage HOA's so now I would know what to look for.I will never make this mistake again, and urge you to please read your documents and meeting minutes of past board meetings carefully.

You have to check leases and make sure no cam leakage where you have cam stops on management above a certain percent that you can't pass on to the tenants etc.

@Peter Halliday We bought a few NPNs from Revolve at the end of 2020. 2 out of the 3 purchase prices were below UPB.

If you plan to do one BRRRR after the next then you will still be utilizing the money so it won't matter that it is not a revolving line.A couple things to consider though - if you refinance and your payment goes up will you still have a good enough Debt to Income ratio to refinance your rental property?

I cam from buffalo  new to real estating I am working on closing two deals in the buffalo market.

My question revolves around what type of mortgage should I use and what kind of down payment makes sense?

You get the same benefit as selling or cash-out refi, but instead of receiving a one-time lump sum of cash, you now have a revolving credit line you can use for future needs, future properties, or reserves.

The HELOC replaces the mortgage in that case, giving you access to as much as 95% of the appraised value of the home.If you do it that way, you can plow all your money into the HELOC, hacking away at your mortgage while you're looking for a new job and a new home, and once you find both, you can pull the stored equity from the home and use it to purchase a new primary.Once the HELOC is in place, you can forever use it as a revolving line of credit to invest in new rentals.If you refinance, even at a better rate, the bank wins.