Mike this makes more sense in terms of considering equity.

My advice is do some more research, both in terms of what are the options and what are the financial and other pros and cons.  

I'm trying to open up this discussion in terms of both good and bad...After speaking with a few people and lenders on acquiring money for a down payment on a multifamily property, a secured personal loan came up as an alternative to coming up with enough money for part of the down payment (oh, say $10,000).That means:> Secured personal loan (putting a lien on a car as collateral) worth $10,000 at terms of 4.25% APR over 5 years. - Total Down: $20,000> A mortgage for $102,000 @ 5% over 30 years , meaning a monthly PITI of about $800> 2 Duplexes (4-plex) with total monthly income of $2,400 *these numbers are somewhat irrelevant to the question, but is just an attempt at giving real world data*The question is: with the acquisition of another mortgage, what are the upsides and downsides of acquiring a secured personal loan as well?

Also in terms of rehab.

This new post of yours reminds me why I've enjoyed all of or previous discussions so far.I won't lie until this moment I had conjured more of a finish line esque mental picture in terms of a successful close.Your 2 quick question rule is perfectly timed, short, and sweet.

I've had two flooring contractors look at it (I don't DYI) and neither was thrilled with the idea of refinishing the floors in terms of sanding and staining, one citing that there would still be gaps remaining.

You can answer in terms of monthly rental income / purchase price, cash flow, ROI, P/R Ratio, etc.Best,Scott

I have been listening to podcasts, reading books, and doing everything i can in my spare time to understand the real estate investing world and I feel I am off to a great start in terms of understanding the process and moving parts to make deals. 

The AirDNA data for our market dictates that as a median performer in terms of average daily rate, occupancy, seasonality, and proximity to the beach, a 1/1 unit is worth 30k gross yearly in our the short term rental market.

I guess I know that the ROI stuff right now and am more looking for specific answers in terms of our Pre-Foreclosure and working out this stuff with tenant and also what an LLC would do for us if that's an option?