First-time buyers, seasoned investors, international money - lots of demand from all angles. 

I can refi after next tax season when I have 2 years of rental income to report.

@Alejandro FloresYou should really consider seeking legal counsel or partner with a seasoned investor.

It has been a big learning experience this year for me in the ebb and flow of the rental market through the seasons, even in Seattle with such low overall vacancy. 

Yeah Kendra a multi-unit building in the Englewood area would be a tall task for even a seasoned local investor.

Now for some backstory; starting 4/1/17, I will be renting a room via craigslist in Morristown, NJ which is on a MTM basis, just recently I sold a large percentage of my co-owned valet company, and with the tax season, I am looking to use this cash to buy. 

After over a decade of shuffling through liceneced general contracters it occurred to me having a full time crew could save a ton. When you sub things out it moves fast but it costs way more. Calculated the last 800k ...

@Holli HarrisonI highly recommend you partner with a seasoned pro until you get some deals under your belt and learn about contracts, contract law, title, survey, liens, etc.  

Holding costs = $199,950)  Holding costs will be Hard Money Loan payment times Rehab and seasoning period (6 months??).  

IF you have zero experience in an investor, this is your first property, and you are not a season contractor who knows exactly what renovations can cost, take your 25K budget and increase it by 50% minimum.