Seems like these loans are very expensive.

However if the property is almost paid off I’d look at the cost of the repairs (they’ll only get more expensive if you let conditions deteriorate further) and weigh the costs vs the income you are making.

if that is the case, do you believe that the saved cash flow after the renovation and normal expenses/emergency funds, etc. would be enough to gain a down payment on the next property within 1-2 years?

That’s exactly what it is - a third party cpa firm goes in and verifies if we say investors got X they got itThink of any mutual fund, when they publish there 1,3 and 10 year performance it’s not them doing it - it’s a third party that follows the same set of rulesIn speaking with this firm it was kind blowing how they noted some people calculate returns.Some will use depreciation in there analysis, some will go off costs per year and not at time of expense, some will note gross for entire fund not gross for investor or net for investorIt was very educational and informative.

Using 50% rule:- Property 1: p&i ~$1800, expense $1600.  

Another savvy move is "house hacking," where you live in one unit, renting out the others to cover expenses and even make some extra dough.

Housing in the NYC area is obviously more expensive and will likely require a larger down payment.Thanks

Not sure about Florida but it can be difficult and expensive to find landing spots for an RV extended periods of time. 

I was able to BRRRR four properties there and now i am slowly deciding to pivot to tackle more appreciation plays.If your first rental is an appreciation play and there simply is not enough rental income to offset your expenses then you may run into financing issues after your first property.

This generally means that the rehabilitation costs must exceed a certain percentage (often 100%) of the building's adjusted basis.Qualified Rehabilitation Expenditures: These are the expenses directly associated with the rehabilitation of the building.