However, many lenders may require you to wait a seasoning period (typically 6 months) before refinancing.

You could read 100 books and still need to learn more because certain things must be learned through trial and error.

The NoD must clearly state the missed payment, cure period, and consequences; consulting an attorney for your first default is a smart precaution.

The fall is a slow period for Michigan, so we did great based on the time of the year.

If I can line up a tenant during the option period, then I know I will win, and I can also win if another buyer comes in with a competitive offer.

It works like this:(1) Save up enough money for a down payment(2) Buy a single family home that you will Airbnb/VRBO(3) Ensure the “average period of customer use” is <=7 days(4) Materially participate (5) Cost segregate the property, resulting in large depreciation deductions(6) Use the losses from step 5 to offset your W2 incomeWhat makes this possible is that operating an STR is considered “non-passive.”

The second of two homes I bought when I sold the rental, I would have bought a more expensive one as the one I got was close to the university and tended to attract students which had higher turn over (though it may also be my local market).I'd also look up how to do a 1031 (I think that is what it's called, I'm not in the US) where you defer capital gains taxes on rentals by buying another within a set period of time.

Give the cost of money these days is around 7%, it would definitely be nice to have a paid off rental.Like Tim said, the 7% is largely irrelevant because your tenants are paying it with the exception of vacancy periods. 

The more you pay upfront the lower the rate, but you have to make sure to do the math on what you payback period will be.

This property is in the Extended Use Period though mid-2026.