it also means their interest rates change with the Bank of Canada rate. 

Plus, there are upfront costs to consider, like furnishing your condo and any expenses tied to managing it as a rental.As for refinancing, it might not be the right time with interest rates where they are.

With no credit score the interest rate would be based on the lowest credit bucket.

Even though buffeted by high interest rates and spiking insurance premiums, overall prices are still rising.

For an example, we Googled, "hourly rate for handyman Austin, TX" and got this:AI Overview: As of January 2025, the average hourly rate for a handyman in Austin, Texas is between $25 and $25.28.

It really helped us get a better interest rate on the property and typically allowed us to put 10-20% down since we were buying the home to be our primary residence. 

For example, two of my goals are to achieve a certain percentage for my IRR (internal rate of return), and a certain % for my cash on cash return. 

I would find a loan officer that does both conventional and FHA renovation loans to compare which has better rates and terms for your situation.

Long-term, look into refinancing once property values increase to lower your interest rate or pull equity for your next investment.Good luck!

It's not a magic bullet to solve all operational needs, but the process works very well when a remote team member at a lower labor rate fits into the needs of a scaling business.