I will keep enough cash reserves to cover my bills for that 6 month time line, and possibly work a few long hour outages if they pop up local.I do not want to get a mortgage on it.

It needed light rehab and within 3 mths I was able to refinance it into a traditional mortgage.  

If your mortgage payment is $5K a month and the income is $6K a month it will probably hurt you ability to get another loan. 

Fellow Note Investors,I am reviewing the Chap 13 BK filing and plan in Pacer on a 2nd mortgage that is 100% secured.  

I would think people have an easier time paying a few grand more for a house (getting a larger mortgage) than having to scrape together cash after they close to sod a yard.You are also asking to track in more dirt without having grass in the front.

If you were to refinance the entire mortgage, you could receive 75% out of the value (if they are Single Family Homes).  

We obtained an FHA Loan through Churchill Mortgage 3 months ago (Dave Ramsey recommends them).

Regular mortgages loans are pretty strict on requirements and don't like two properties under one loan.  

I have paid off the mortgage and I rent it out for $2600 a month.

Suppose the first mortgage holder forecloses, the property is sold at auction, and the mortgagor redeems the property within the redemption period.