The key factor is the amount paid and the nature of the payment, not the payment method.

A big part of succeeding in this game is simply staying in the game.Make sure to take the lessons from this experience so it’s not in vain:•Always keep reserves.

How much reserve would be reasonable for TI/LC?

While it’s not impossible to close in mid December and still meet all requirements of the STR loophole, it will be extremely difficult due to the nature of hitting 150 hours, having it rented for 15 days or greater and having the avg stay be no greater than 7 days and not a decimal more.

I'd consider doing some kind of cash out refi on the property at a number you're both comfortable pulling out, while still leaving $ for reserves to maintain the STR you currently have.

Yes, it may need repairs, but I would have a $20k+ cushion for repairs in reserves.

This means 20-25% for a down payment, and it has to be your money that you're using (verifiably in an account that belongs to you).Though there are programs that lend up to 90/100 to first-time investors, those programs usually don't work in Maine due to the rural nature.

I think it is human nature to feel like we need to get the best deal with the best/highest "immediate return".

To have enough discretionary funds to be able to invest at this level means that even if a deal goes completely down the drain, I can still feed my family, tithe to my church, pay my bills, and try again later.I do appreciate the probing nature of your questions!

There are several benefits of having cash in the bank/liquid reserves versus an open end mortgage (a.k.a) credit card.