Purchase loans are prefered...cash out is limited for refis.

Nice job @Jennifer Stillman love the original artwork tied into the draperies and the timeless bathroom choices-you maintained the character 

In reality, agents usually give a client a choice but then they will add comments how well someone has done in past transactions and the relationship the have, the client usually goes with the agent's selection.

I don't like these balloon loans, having said that I don't have other choices as my loan amount is less than 50,000 and I don't have 2 year landlord history for conventional financing like Freddie Mac.Here is the interesting point, I was told Fannie Mae does not require 2 year landlord history, but my loan officer said (today) that they don't require, but prefer to see it on your tax return.I am not sure if you could refinance it prior to one year.Did I miss anything?

Some investors may be working 80hrs/wk but that's purely by choice.

I prefer to buy, fix and rent.

Say you are worried about a 10% r/e decline ($10K or 4,100 etf shares).Your choice is July 2014 or Jan. 2015 expirations for your nine-month project.The July 25 Puts are $2.35 (cost you $9,600).- If ITB closes at $22 on July expiration your options are worth $3.00 ($12,300).

But I'm not sure its the best choices for a 14 year old.

long term rentals are my choice.

Learn ARV's and market rents in your neighborhood of choice, screen your tenants well, have adequate reserves, go forth and prosper.