And of course, if your actual cash value is less than the current mortgage(s) on the property, all of the cash value payment will go to the lenders. 

I would highly recommend doing a renovation loan like the 203k or homestyle - you are able to leverage SO MUCH CASH for such a low down payment. 

My plan was to keep the condo as my residence, but after a year, refinance to fund a down payment on a multi-family property, either out of state or in the surrounding NY area.

Therefore, your financial freedom hinges on new companies continuously moving into the city, creating replacement jobs.Companies have many options when selecting a location to set up operations.

It's probably going to mean paying points at closing, a high rate, and a serious pre-payment penalty (like 5 years). 

My client had some things come up that prevented her from executing, but these were some of the options I had put together for her, a regional bank, a regional CU, and a national bank.Reminder that NOI sizes CRE debt, and that's often what determines the down payment requirement, not anything to do with the client or particular lender, just the property itself.

I will be into it about $9,371 with closing and have a payment PITI including HOA of $1,205.

And people think Ai is going to replace accountants.one can argue that apartments.com is just a processing the payment and not actually holding the funds to transfer out.If apartments.com all of a sudden reverses the payment for insufficient funds?

I really don't have the $23k down payment I'd need for a DSCR, and Texas wont let me HELOC the equity out of my other rentals. 

I financed this property using down payment funds from 403B and a local commercial bank.