Getting prequalified should always be the first step though, you can just ask the brokers for your max budget based on your income/debt, and down payment size (20% down if you’re going conventional 30 yr fixed, plus ask them what they want to see in reserves after close.

So their initial lease will be 6 months or so, and then in the spring they have the option to renew for another 12 months.Everyone’s pretty cool with it if you just explain why you prefer to have leases start in the summer.

After looking at some info on cash out refinancing, I am now considering this as it would be a strong rental in a great area.My situation:This would be my 3rd  buy and hold...1 rental, 1 rv storage yard and this property.I have used a heloc for the 20% on each property but now if I hold this one traditionally my cash would not be enough to do another deal.I have flipped 1 house earlier this year with the intention of doing a few more to draw the heloc down to nothing by end of next year.If I do a cash out on this one I may not be able to pull all of my initial 20%/rehab out, but would be covering the notes/expenses and cash flowing some each month with a long term asset.

It’s stepping over dollars to pick up nickels.

really it's my kids problem not mine ,lol   In the meantime pessimist's step aside   I Owe I Owe so off to work I go

At initial glance looks like something that would be a decent house hack or BRRRR opp.

It's just easier to see and decipher.Few things i see:-your initial repair costs per unit.

Working to purchase my first property and I have a few questions ...Do I need to have funding/financing secured before I make on offer? If not, how much time do I have to secure a private lender/mortgage after I make ...

Maybe more.So between down payment, closing costs and repairs, I'd have to front somewhere around $50K - $60K, which I don't have.The strategy that I am considering is finding a hard money lender for this initial costs, with the idea that I pay back all at once when I refinance.On paper, it seems a good prospect for which may be worth to due a solid due diligence but I want to make sure my strategy is entirely doable and be aware of the risks I have to keep in mind. 

This is a perfect example of that - almost any option you choose can be a great stepping stone for your investing career.