Here are some pros and cons of each approach to help you decide:Paying Cash for One Home and Refinancing LaterPros:No Mortgage Payments: You won't have monthly mortgage payments initially, which can reduce financial stress.Equity: You own the home outright, giving you full equity which can be used for refinancing.Lower Costs: No interest payments and possibly lower closing costs compared to having a mortgage.Better Negotiation Power: Cash buyers often have more negotiating power and can close deals faster.Cons:Opportunity Cost: Your cash is tied up in one property, potentially limiting your ability to invest in other opportunities.Refinancing Risks: Future interest rates may be higher, making refinancing more expensive.Market Fluctuations: Property values might decrease, affecting the amount you can refinance.Buying Four Homes with 20% Down on EachPros:Diversification: Owning multiple properties diversifies your investment, reducing risk.Rental Income: Potential rental income from multiple properties can generate cash flow.Appreciation: You benefit from the appreciation of multiple properties.Leverage: Using mortgages allows you to leverage your investments, potentially increasing your return on investment.Cons:Higher Debt: You'll have multiple mortgage payments, increasing your debt and financial obligations.Management: Managing multiple properties can be more complex and time-consuming.Market Risks: Market downturns can affect all properties, amplifying risks.Cash Flow: If rental income is not enough to cover mortgage payments, you could face cash flow issues.Considerations:Financial Stability: Assess your current financial stability and ability to handle mortgage payments and potential vacancies.Market Conditions: Consider current and projected real estate market conditions and interest rates.Investment Goals: Align your decision with your long-term investment goals and risk tolerance.Professional Advice: Consult with a financial advisor or real estate professional to get personalized advice based on your specific situation.If you prioritize lower risk and less debt, paying cash for one home might be the better option.

Lenders will use the market rents or lease rents to qualify you instead of your personal debt to income ratio.

Personal loan for the rehab.

Personally, if I was living in a hotel I'd want to move more quickly too. 

Any suggestions for a good real estate lawyer in Alabama would be appreciated.This person has a very large legal judgement against him.  

This was somewhat do to my OCD/type A personality but the facility was quite neglected when I took it over so it really needed some attention.

This is probably not the way you're "supposed" to used QB but I didn't want to get two softwares - one for business and one for personal.  

With that amount of equity you'd likely qualify for a HELOC on your primary residence to access that equity to buy an investment property or to buy a new primary and rent out your current home - the latter is what I do personally and all of this is what I offer my clients professionally. 

Someone recently suggested that I used a person (unknown to me but referred) to use their credit to help be refinance.

I've done several house-hacks personally with different strategies as well and have helped many clients do them in Pinellas/Hillsborough/Pasco/Manatee counties as well so if you have questions let me know and I can give you a rundown of your best options based on your preferences.If you don't want, or don't need to house-hack, then you have a couple options and that is going to depend on your goals, savings rate, and other details.