You will be more in the $350k range for a loan assuming the bank will lend on the land. 2) income will be verified on taxes so if you are not reporting the cash as income - it will kill your DTI and could create an issue.3) see number 1 for LTV constraints4) DTI will be difficult without taxable income that can be documented - likely created an issue. 3 houses that don't create income will heavily offset those that do.

The price range for my purchases will be between 40000 and 80000 (I live in central Illinois) and I've noticed some homes in this range are already rehabbed and some need rehabbing.

Great way to engage with and meet other real estate investors in the twin cities ranging from all levels of experience.

Lately, the gap between commercial and conventional rates is narrowing with commercial rates in the 6-9% range. 

@Charles Prem we used TD bank and expected the same range on the appraisal (800sq ft 2 bed fishtown). 

My wife and I bought our first home in 2015 which uniquely came with a tenant whom rented the upstairs.

Most cashout- ReFi options I've looked into will give 70% Loan to Value on a multifamily dwelling so that $25-28K range sounds about right.If that new loan still cashflows and the $28K gets you into a new deal to start the BRRRR snowball, it's probably worth it.

Values are determined in July of the previous year, and properties are rarely visited in person by provincial appraisers.For this reason, provincial property assessments should never be solely relied upon as any sort of relevant indicator of true market value for the purposes of purchase, sale or financing.Think of the assessed value instead as something akin to a weather forecast, spanning far larger and more diverse areas than the unique ecosystem that is your neighbourhood, your specific street, or your specific property.

Hi Mark, it really becomes a matter of how motivated you are to hone the skill set of each category, and they have their similarities and unique characteristics.  

I inherited a unique home a few years ago, free and clear ( where I sort of live) on a large property for the area, and as they say, it has great bones.