I just think despite what I do with the property, it's an incredible opportunity to acquire it without worrying about down payment and closing costs.

Either way I figured it was time I introduce myself, and say thank you to everyone who gives such incredible information on this website.  

Scott's books on rehab and estimating costs are incredible.

we work with a rep at home depot and she is incredible.  

I always really thought I would be anxious and a little uncomfortable on the phone but it went so incredibly smooth on my end.  

The broader point is that $30k, $700 rentals:- Will generally attract C class tenants and require higher capex accruals- Will not have much room for professional management- Will not produce the paper returns most investors think they will due the squeeze on IRR by lack of appreciation- CAPEX is a very REAL expense and is an accrued liability that simply cannot be ignored.

My goal is to learn the art of creative financing (wholesaling really grabs my attention) and also purchase buy and hold properties to produce passive income so when I do retire from the Navy I am not stressed out because I didn't plan for life after the Navy.

But my current problem is finding out how hard it is to refinance from a short term loan such as one of those, to a longer 15 or 30 year loan once the property is rented and income producing.

When you take the loan is the income the property is producing going to cover ALL your expense (cap ex, cost of money, property maintenance etc.) 

If your personal finances are not in order than what makes you believe that you will treat deals and the money it produces effectively.