Richard, yes i have equity on my 3 family I'd say 30/40k for the most.Justin,  I was planning to refinance for conventional but not until this summer  because i have to do some exterior work first so i don't lose on the value, but the market here in Worcester is going up so fast, by the time i get all that done, it might not  even make sense financially to buy in this city to make any kind of profit.

@Richard Heine- have you done with with an encumbered property? 

I know Richard McCray has one called RING that meets monthly.

@Richard Reyes Hi Richard,Welcome to BP!

@Tammy Richards I really like the idea of bumping up the rent a little above market and working in the 5% discount if paid by the 3rd.

@Richard Sherman great to hear of other successful investors in similarly hot markets!

@Richard D. thanks!

Denise Breheny cannot provide tax advice but I do not believe a negative cash flowing property provides any additional benefit to a homeowner besides the typical deductions you can take (which may or may not be impacted based on new tax bill) In regards to buying now - what is the benefit of buying now vs 3 years where you will have paid an extra $10k in negative cash flow.

@Richard Mollel Thanks Richard! 

Richard,When you say "IRA experienced professionals" are you referring to somebody such as myself or a CPA/tax attorney?