EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

That could add cost if the new policy has higher rates.

But also weigh the alternative of how costly the prepayment penalty is.  

Without an exact numbers breakdown of each option (which should obviously be my next step), I think my ideal situation would be to sell the SF and roll the equity into this, leaving me with a modest holding cost that I can absorb with my stable W2, and keeping the HELOC for any larger ticket items I need during rehab.

I actually just want to rent it out and keep the equity in it.im pulling out of my 401k for a down payment and my wife is going to pull 50k out of her trust fund for rehab cost on the 2nd house.i was mainly talking about after i rehab the second house(will be my new primary).

@Michael Herrmann don't forget cost of capital and closing costs.

The second time all my acquisition costs I got back at closing..It comes down to the deal and how your partnership is structured..Hope this helps

And dun the security deposit for the amount that it cost to restore it.

I have seen as low as 10% and as high as 40% though so if you truly feel 30% is the sweet spot for you, stick to your guns!

They like to see a single policy with a single property so the costs associated with it are crystal clear.