I’m trying to figure out how I can pay myself and buy another property.

It was a plan we came up with ourselves (no Internet back then) and it worked for us.

How do you pay for the tax and insurance?

Hey @Megan OConnor, I can't comment on the area specifically but it is doable.You need to search AirBNB and VRBO to get a look at the competition (don't forget to look at VRBO)You have to work into your plans the downturn during the off season.

Rates are high, usually in the high 8s or low 9s, and you may pay 2-4 points on the loan. 

Don’t ever tell your banker you plan to live there.

So it could take a decade to get to todays market rent. 2) it’s almost impossible if not impossible to non-renew a tenant, especially if you’re not an owner occupant. 3) As a seller, even if I could remove paying tenants I never would without a non-refundable payment from a potential buyer that covers all vacancies for 6 months if they fail to complete the purchase. 4) You MIGHT say as a buyer that’s worth it.

Got an equity line of credit and borrowed from it to pay cash for the property.

I'll subto his existing mortgage and pay off the 120k.

I plan to put a $600 utility cap in the lease.