If your goal is to focus on minimal cost for this, that is when it might make more sense to do it as a purchase with a new mortgage. 

It's short and nobody I know regrets minimalizing, exploring and living a life free of regret.

This is my first investment property so I feel more hesitant about going into rehab work than something fairly newer or even older but with minimal repairs/recently renovated.

**Loan-to-Value (LTV) Leverage**: Lenders might be more willing to take a second position if the combined loan-to-value ratio is conservative, meaning there’s plenty of equity in the property and the lender’s risk is minimized.5.

But if you prefer stability and want to minimize future risk, the conventional loan provides more certainty.Ultimately, the decision depends on your cash flow needs, risk tolerance, and long-term strategy. 

and most of the time is  bad management, bought the wrong price, Interest and Insurance to the roof and, I cant get out the Bridge loan to do a DSCR loan etc ...Simple hands on, work do research and minimize risk. 

They are young, still in college one more year with minimal income.  

A few things I do personally for clients is: create a P&L, market to my buyers list, pre-market the property online where the target audience is, and make a plan for bookings and the booking calendar to minimize losses while up for sale and operating simultaneously.  

They are young, still in college one more year with minimal income.

Working with a HML requiring a non-refundable earnest money deposit…What due diligence do you perform before sending that deposit to minimize risk?