Also, I'm not sure I have THAT much money to play with, where I could buy a foreclosure and rehab it significantly.

Some more conservative banks might be higher on down payment but will give very low rates yes dscr, dti, credit score, personal and business income/balance sheet all play a role.

Eventually I want to break off on my own and have my own book and I think that's why I am nervous of the leverage play in real estate.

Could be a good play depending on the location in Wisconsin. 

Things not even related to the house itself can come into play - how is the neighborhood, do you know what your taxes and insurance are going to be, will it need flood insurance, how is the foundation, the roof, the AC, the plumbing, the electrical - things you can't always tell from pictures.As a general rule for myself, if I can't make $50,000 on a flip property, it's not for me... and usually I'm actually looking for closer to $100,000 (net) after reno.to be happy and know that if my rehab runs high, or my sales price runs a little low I will still be ok.  

Multifamily Millions by David Lindahl is the Multifamily Bible I follow religiously as I have repositioned my value play Apartment Complexes to Financial Freedom.  

Thank you for the response.I decided on going ahead and cash out refinance my primary residence and property 1.While the cashflow will go down, I really should be playing the long game and continue to scale (like I wanted to do).Another purchase/rent increases should/will cover the losses in cashflow, while increasing amortization's.Really appreciate someone taking the time to reply and read, since I have no one else to talk to about these subjects.Thanks again!

How do I calculate and play around with those numbers?

@Chris Pasternak I’m 24 years old and my tenant is in they’re late 30s So he suggested i play middle man because people don’t usually show the same respect to younger land lords.

I was nervous about the refinance portion after renting it too, as I am assuming the rental income plays a valuable part in the appraisal.