But I also realize many people choose the direction of Appreciation first.In my hometown market (not Pittsburgh, but central NJ area), few small to mid size multi family properties could come close to cash flowing positively.

So I am not very familiar with PadSplit @Najhae Robinson.All I know is the neighborhood backlash, the nightmare stories and the like.I have heard nothing positive about it.Oftentimes they violate the STR restrictions in cities because they will rent to anyone for any length of time.I would never look at this as a business model personally.

It might be one of those positive sunk costs to increase the value when financing.

The risk that the borrower can default, the risk that you will have to foreclose, the risk that you will have to take over payments on the 1st TD if you are in 2nd position, the risk that you have to invest $$ into the property to sell it... 

Positive is it’s VERY nice.

Positive SolutionsProblem: In my county small multi-family houses are nearly non-existent and short-term rentals and second-cooking-areas are illegal.Solution: House-hack while renting MTR to traveling medical professionalsProblem: I didn’t know the many laws of the countySolution: A hired attorney 1) informed me that the county calls a house-hack a boardinghouse and 2) drafted a very comprehensive agreement that includes answers to your list of questions.Problem: Interpersonal problems can be a risk.

It sounds like you’re in a great position to get started—$100k saved up and a clear goal are huge advantages.

However when a great property that fits what we like (ugly and a great price where we can use our skills to make it beautiful) comes around that we can take advantage of our position and get it, we want to be knowledgeable about that property type and be able to jump on it. 

As far as your bridge loan goes, most lenders don't love being in second position. 

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