I actually just did a dscr loan to pay off the hard money I borrowed on the second property (where we live and rent the actual house) I estimate the appraisal to come in around $215-280K which if I were to take out 80% would barley give me enough to buy anything in the FL market and have cash left over for renovations.Not sure if im missing a step here or if it might be best to buy an auction home with that cash to flip and have more capital to have more deal options. 

@Eric James this is where I’m focusing my efforts too.

Hi @Kathleen Park - Your question is one I see all the time in the forums, especially here in Chicago where you have some great investment options. 

You don't say where you are, but for much of the country, larger sheetrock jobs run between $.80-1.10 per square foot of wall space -- that's labor and materials for hanging and finishing (ready for paint).

Ownerrez and Hospitable are two that do this for sure, and I think others do as well.Most of them have booking widgets you can use where you still build your own website, but you just include the PMS widget for the checkout process. 

Generally these days, the 5 year prepay is a declining prepayment penalty where the penalty goes down year over year until it's gone. 

I think the #1 most ridiculous poster is the person living in a desirable, high-appreciation location who has plenty of capital to deploy who asks which crappy undesirable market thousands of miles from where they live is the best place to buy their first investment property.

.- Assuming you can pass the FHA self sufficiency test (very hard now with rates where they are, the new 5% down programs are probably a better option) you would have send a letter to your lender stating you would live in one of the units that makes up the zoning certification (legal units) for the building.

Where in ABQ were you looking for your search and which neighborhood was this MF located?

The block where I have my property is very quiet.