Derek, so assuming I get a 300K from equity via cash-out refi and I purchase a new property in full cash with no mortgage but with enough monthly cash flow to cover the new loan amount of $494 K ($194K + $300K), wouldn't it be okay to take this consolidated approach with one loan with two cash-flowing properties covering the monthly mortgage and other expenses?

Thank you all for all the information and knowledge you folks share in this platform, found out about bigger pockets through a podcast and I was like whaaaattt, these folks know what they are talking about I can learn here so much.

In our case the seller needed the loan off their record to purchase a new home so we went through the proper channels to make that happen.

I’m new to out of state investing , so any pointers would be greatly appreciated. 

We weren't really looking in this area, so made "Final Offer" of $800,000 for the property.  

So far, our local bank that has financed all these projects has required personal guarantees of all four of the partners.

I used a local independent agent and when this was his best answer - I tried to shop for other options and came up empty so far. 

I'm new to the community and looking to buy a foreclosure as my primary residence and my first BRRR (of sorts)I am a General Contractor so the repairs do not scare me at all.

I'm looking at other states to invest since it's so expensive here in Ca.Thanks for the insight and questions Rick!

We have one owner and one tenant so far and we are currently setting up Buildium.