So, you should be looking to understand the labor and material costs.Material is usually easier:Anyone you hire will need: drywall patching materials, sanding blocks & paper, primer, paint and the corresponding paint rollers and brushes.Labor may depend on level of skill:How long will it take to prep, patch, sand, prime and paint?

Don't let the balloon deter you. 15 years is a long time and many loans I have are 5 year balloons.

Srinivas,Looks like you are in Texas I know El Paso has some good cash flow rental prospects.

Hate to be the dissenting voice here, but if you fully disclose that your child would be occupying the property you might run into some trouble with the non-owner occupancy that is usually required with a DSCR loan - your child falls into the category of immediate family and many undewriters would assume that if your child didn't pay their rent, either you wouldn't evict them or you would pay the rent for them, which then affects the cash-flow on the property level, which then affects the DSCR. 

Howdy,I would use borrowed money vs. cash, for a couple of reasons. 1. 

That means I can either have a cash cushion for any renovations or covering some of my mortgage until I get a tenant  or get into a property quicker.- That puts my mortgage at around $1,500.

I am waiting to see how bad it is and how good the tenant is to see if I am going to hold this house for a long term.

Hi Everyone,I recently moved to San Antonio and am in the process of purchasing an investment property to rent as a short-term rental.

You’re risk adverse - which actually sets yourself up for success as long as it doesn’t result in deal “paralysis”.  

Hi guys, I’m considering trying a home equity sharing agreement to get some cash from the equity in my home.