I say this because you can probably qualify for 3-5% down on an owner occ loan amortized over 30 years with a conventional lender, while most sellers willing to hold the note are typically going to want a higher down payment and shorter terms.

As far as your credit goes, you can apply to several lenders and have them pull your credit, the bureaus look at that as comparison shopping for mortgage rates and they will hit your credit, but for much shorter term.

This will require less cash invested, shorter time frame to complete, and more cash we take from the deal.Exit Strategy 1 - Have current Renters vacate, complete SOW, get new renters @ market rent, cash out on max ARV, HOLD.ARV: 126,000Acquisition: $60,251+ Closing $925SOW Budget: $15,750Rent after Rehab: $1,000DSCR c/o $100,600 Loan @ 7.5% 30yr LTV80%: $840 PITI + Fees +/- $4000 (2pts+undw/orig/leg)Cash Flow: $160 before ReservesCash Out - Cash In - Fees: $19,674 (100,600-60,251-925-15,750-4000)Exit Strategy 2 - Have current Renters stay, complete light SOW, raise rent, cash out on lower ARV, HOLD.ARV: 110,000Acquisition: $60,251+ Closing $925SOW Budget: $2,500Increased Rent: $900DSCR c/o $88,000 Loan @ 7.5% 30yr LTV80%: $752 PITI + Fees +/- $3800 (pts+undw/orig/leg)Cash Flow: $148 before ReservesCash Out - Cash In - Fees: $20,524 (88,000-60,251-925-2,500-3800)

This could mean more access to private parking, yard space, etc.Brooklyn is also super attractive because of the shorter commutes to NYC (on avg.), lower property taxes, and many would argue that there is more to do in BK compared to Queens.That said, both boroughs can offer what you're looking for but if I were you I'd start searching in Brooklyn then branch out for more options if you don't like what you see.3.

Maybe the seller would be willing to pay a reduced rent or agree to a shorter leaseback period.Best of luck with your investment! 

I had long term tenants in after a few shorter term ones, gave them notice and sold it not quite 10 years ago. 

They are seeing an influx of domestic migration because the drive time is not unlike those in larger cities with much shorter commutes and the small-town life is attractive. 

In my opinion, you'd have to offer a shorter-term lease to rent furnished and get more money per month. 

A Cost Segregation study is an IRS approved federal income tax tool that increases near term cash flow by utilizing shorter recovery periods for depreciation to accelerate return on investment.

The shorter the prepayment term has an impact on increasing the rate.4.