When I underwrite my deals, I plan on 5 years without a refi. 

My wife and I are both W2 and we are evaluating to buy a vacation home to enjoy it, but planning also on renting it as a STR while not being there.

The cost starts with  1.) plan cost (survey, civil engineer, site plan, architect, structural engineer, mechanical/electrical/plumbing (short for MEP) plans, etc.).

I planned to tell them that "I will waive the final 2 months of the lease but unfortunately I will have to keep your security deposit".

And is that where your also planning to invest?

I live in California and planning to move in Illinois.

Having a 24 month term on the front end will also make my job easier doing the take-out loan when it's time to refinance into permanent debt, because there's room in there for a full year of tax returns to have been done in the middle (if your exit plan is to sell, it'll also make it easier on your buyer who will presumably be willing to pay a higher price if they can get an A-paper good mortgage).Ask for a 24 month term, tell your contractor you want it done in a year (and make it financially worth their while if they can pull it off), internally/mentally plan on 18 months, and I'm putting you on notice now to do your tax returns on time, rather than extending them (don't fight me on this, please just do it).Trying to get a renovation mortgage like this for only 1 point is likely a waste of your time, but if you want to ask, after you've secured the above as a 'done deal,' go for it, can't hurt. 

And it's extremely important that all the partners that are investing into Real Estate are all on the same page.So if you're planning on investing in real estate and partnering with someone, consider the following things to talk about with your potential partners before jumping into a venture together:1.

Definitely will want to add insulation and all utilities depending on what your plans are for it .

Explained the situation and he said it may be a challenge to get another conventional loan (investment loan is being considered as well but; Family loan = plan A, bank loan = plan B).We want to keep the property we live in now (since Oct 2023) and rent it out when we leave.