So other things might make your case stronger such as your normal practice, the actual amount of crazy that you were offered, things like that.the second part of using the proceeds to buy vacant land is fine. 

I had 11 of these and good systems in place but still had 1-2 evictions a year and 3-4 big things that were normal annoyances like plumbing leaks, damages from hurricanes, or some vandalism.

Now that doesn't mean you won't be able to buy a normal duplex with 3.5% down that doesn't need any rehab.  

For example, a normal Hard Money Lender (HML) will lend us 70%-75% of a property's After Repair Value (ARV).  

The adjuster will differentiate between normal wear and tear and damage. 

I try to keep 6 months per property worth since that's normally what banks want.

To your point, that is all lost income and not to mention you need to pay for any inspection past the 1st one (no clue how much section 8 inspections cost opposed to a normal inspection).

I slaved away trying to stay on top of COVID testing from 7am-7pm, and then I got to work.Bagram Airfield, AfghanistanDue to the time difference — Afghanistan is 9.5 hours ahead of the east coast — as my day was ending, Ohio was just waking up.

He clearly doesn't get investing or that refinancing after renovation is just a normal thing for many people.There is a reason that Fannie Mae allows up to 10 financed properties per borrower.Stephanie

@Alex Forest nice plots.Since fed is printing money like crazy, I thought that using gold to replace US dollar to measure housing price makes more sense and can provide us a more realistic view of how expansive it is.My current feeling is that the price is relatively low, and I might keep buying for a while. if the real estate price normalized by gold increases above 700, I will sell.