It turns out there were some things that our inspector missed, and we were very happy to have the extra funds available to address them.My suggestion would be to make sure you have enough for the down payment plus a decent operating budget/emergency fund....maybe 6 month worth of projected expenses at least.Hope that helps.Mike

You'll be able to pull out equity tax free, and then extra tax write offs with the interest paid on the properties.A more conservative approach that I have favored in the past as well is to get a HELOC on the property.

With permitting watch out for the SDC's (Systems development charges) from the city for the extra fixture counts.

With the fixed rate the cash flow is very low after all expenses but I don't care much about that. 5/1 loan officer opinion - You will refi in 5 years and pull out more cash so not worth paying extra every month for principal30 year fixed rate offer opinion - when the rates are low it's not worth doing the 5/1, rather lock in a rate and doesn't believe in paying so much in points.I would appreciate any comments and advice from the more experienced.Thank you!

Now, the time is coming close for us to make arrangements for the home, and we are torn between selling to use the extra money to pay off a few bills/loans or sticking with the original plan of renting it out as an investment property.

Yes, you can get the judge and/or borrower who does things to slow things down but that's why you need that extra cushion.I wish that all states would go to non-judicial foreclosure.

But never bad to pick up an extra property if possible.

With  long term tenant I don't have the extra costs of full furnish and I don't have to supply the utilities, cable and internet.

I'd also negotiate a reasonable rent increase to compensate for additional wear and tear/ utility usage from having an extra person.She sounds like a great tenant for asking permission.

It puts extra money in the owner's pocket every time.However, there are some tenants that refuse.