Think of all the scenarios and see what fits your goals and what makes you the most profit.Good luck and well done for starting!

Perhaps you can treat the $50k as a hard money a property that fits a BRRR strategy that you can payoff the loan after refinancing.

In general, one-size-fits-all rules will have unintended consequences. 

It can get tiring especially when many properties may not meet your requirements, but keep pressing on; eventually you will find one that does fit your criteria, make sure you are prepared to make an offer right away as it is likely that you are not the only one that thinks it's a good deal. 

If you fit this description reach out and lets talk! 

You have even identified a solid market that fits your long term goals - that's fantastic!

Hey Aaron, I'm definitely going to prioritize learning and running the numbers to find what fits best. 

And most loans I get where I'm taking myself out of a cash purchase are with local banks as they're not so fixated on my cost basis.Then after I have the property for 6-12 months, I'll refi with Freddie (if it's a fit), or CMBS (if it's not). 

Personally I’m not trying to quit my day job tomorrow so LTRs are probably a better fit for me with a strong management company... but that could be different for you. 

Great idea - One big problem is local government.In Portland, change of use is near impossible even in zonings that allow you to back fit residential.They write those codes and keep adding to them and really don't like people not following them no matter how good/useful an idea you have.