However, when an LLC owns the property, it will not be in your personal name, which can result in higher interest rates on financing.This is just food for thought to give you a full 360-degree perspective on the topic.

We have numerous products in New York for 30 year fixed rates on 5+ units, would love to get on a call to see how my team and I can assist you.

Rates are a bit high at the moment but try to get something without a prepayment penalty and then refinance in a couple years when hopefully rates are lower.

PP is $250k, with a fixed 7.7% interest rate for 30yrs.

If you are already up into the higher brackets, then it won't make sense to take a bit out every year since it will be taxed at the same marginal rate...Can't easily negate the tax obligations... 

Almost every house I look at has rental rates that would be equal to or less than what the monthly mortgage would be.

It is not as cookie cutter as 1-4 conventional and FHA rates.

MY PLAN: My plan was always to refinance the mortgage when rates dropped in the future, so my hope is that my mortgage would eventually come down to around $1,500-1,550 which then makes my numbers closer, as rental prices increase over time.

I'd also like to ask if the rate difference between 30 fix and 5/6 Arm is now typically less than 1%.

The current loan balance is $235k with a 5.12% interest rate.