Build credit history and savings for down payment and closing costs.

I wanted to reach out and share some exciting news—I've just finalized the purchase of my first rental property, and the closing is scheduled for next week.As I embark on this journey, I'm eager to kickstart the process with some guidance from seasoned investors like yourselves.

I doubt the room is worth anywhere close to that value.It seems to be time-share like. 

Good advice from @Nathan Gesner and Account Closed Also bear in mind that if you can find a current deal that makes sense, and will generate even a decent amount of cash flow right now.....then you can just about count on it doing very well once you are able to refinance.

It was originally the plan to buy it from me when he could swing it, I just wanted to walk away from the closing table with $10,000.

Depending on how close to the college the property is, you may also have constant turnover. 

I do have some directions to point you if you've an interest.Thanks Account Closed, but I’ll continue on the learning path that my wife and I are already on.

DSCR lenders will have different rules on seasoning (i.e the amount of time between when you bought the property vs. when you closed on the refinance) for how much cash you can pull out and whether or not the appraised value, as opposed to the cost basis (purchase price + rehab costs) can be used to determine the loan amount (i.e LTV * appraised value = loan amount). 

. - if the office is randomly closed when you stop by during business hours its not a good sign. 

How many multiples of potential like left or is it close to being tapped out?