As a long-term, it looks like I could rent for $1,400/month.

Most often the terms specify that distributions are first paid to satisfy the preferred return and second they are paid to return capital, so the capital account would look like this:$100,000 starting balance$8,000 preferred return accrual($8,000) preferred return distribution$100,000 ending balanceIn year two, there is another $8,000 due, etc.But partnership agreements can be written however the parties agree, so the rules could be different and that would result in entirely different calculations and results.

Its a great time for investors to tap into the equity they've accumulated over the past few years on a cash out refinance with improved terms. 

The nice thing about real estate investing is that there are SO many opportunities and strategies to help support your short and long term goals.

Interest rates are in the 6-7% range... so it doesn't take a rocket scientist to figure out if you are increasing your loan amount by ~$50k, and at a higher interest rate,  your payment has to go up or your terms have to extend.  

My wife and I are passionate about real estate and looking to purchase our first long-term rental property (small multi-family).

There are 100's of real estate podcasts out there and honestly I have found many that are better than BP as they have people who have been in real estate and business for a very long time and could run circles around some of the hosts. 

@Zach Chandler if you are going the self-manage route, which I highly recommend because it’s simple, as @Gerald Pitts mentions, use the Short Term Shop’s ‘Enemy Method’.

Hi Craig,I'd recommend Bank of Hawaii - it is the largest bank on the islands, and have a long traditional of being a solid, conservative bank.  

If you're goal is to keep it, you could take a short term personal loan or cash advance with your credit card.