You still need some money to cover part of the rehab until you get your first draw, and if you're a brand new investor you might not qualify for 100% LTC on your first deal, but if you can partner with someone with experience on their track record or can prove significant past contractor experience then we might go that high on your first deal. 

Hey Aaron, have you considered a commercial mortgage from a local bank like First National or Bangor Savings Bank? 

@Arlinda RexhoWhen considering a 32-64 unit multifamily property in Texas, focus on strong locations with population growth, proximity to amenities, and low crime rates.

As a percentage closing cost as percentage goes down as value increases but we will 15X to account for closing costsNo cash flow per OP.2% market appreciation equated to 30% + 15% = 45% 3% market appreciation equates to 45% + 15% = 60%4% market appreciation equates to 60% + 15% = 75%Recognize in virtually all markets the cash flow increases with hold length especially if a fixed rate loan. 

End his lease, and find a tenant willing and able to pay market rate.

You need strong underwriting first to know what is a good deal.

The reason is that for most programs anyway the 60% loan to value will give you the best rate and best cost available and of course you should still be able to have a healthy cash flow at that loan loan to value.

"Subject" to other factors that is where you wantto either buy or build first.

The main thing is making sure your investments produce a return that outweighs the cost of the borrowed money.A full cash-out refinance could work down the line, but with rates where they are, you’d be trading a 6.25% ARM for something likely higher, now that it is not an owner-occupied property, which may not be worth it unless you really need the capital to scale.

Quote from @Kannon Vogt: Hello all, I'm currently residing in central Texas and looking for advice when looking to find my first investment property to get started off on the right foot.