My strategy in Arizona has been adding bedrooms and renting by the room - currently getting 850-950/room in nice neighborhoods.

I see some lenders out there would just pick the "lowest" rate and the client ends up paying more than 1% of the loan amount at their closing costs.Key point is "Lowest" rate does not mean the cheapest rate  I have worked in traditional community banking for over 7 years.

Meetings are generally on third Thursday of the month at Aloft Mountain View. 

My friend lives in a different state and has been trying to hold onto the property.

@Paola Astrid, if so be the case, refi to a conventional investment loan. 

Andrew,Always looking for ways to take advantage of the travel industry.

You might still make some money...or you might loose just a little while you learn....but I think chances are unless you totally mess things up or every part of the deal goes wrong, you end up with most of your money back....AND you learn and develop some relationships.

Purchase price: $595,000 Cash invested: $125,000 Purchased with the intent to lease to the tenant.

Even if someone gives you the lay of the land, you would still want to go there to see for yourself, just as you would definitely have someone come check out Dorchester to see what they consider safe and not safe.

This is a great place to learn and to connect with people so take advantage of all the great resources.