It was originally the plan to buy it from me when he could swing it, I just wanted to walk away from the closing table with $10,000.

I do have some directions to point you if you've an interest.Thanks Account Closed, but I’ll continue on the learning path that my wife and I are already on.

I can tell you have never filled out a maintenance/cap ex cost spreadsheet because “Even if you included $100 per month in maintenance/repairs” is no where close for 2 units.  

Depending on how close to the college the property is, you may also have constant turnover. 

DSCR lenders will have different rules on seasoning (i.e the amount of time between when you bought the property vs. when you closed on the refinance) for how much cash you can pull out and whether or not the appraised value, as opposed to the cost basis (purchase price + rehab costs) can be used to determine the loan amount (i.e LTV * appraised value = loan amount). 

I will be closing my very first property next week so looking forward to all the suggestions and pointers I can get!

Nick Siegler with Porch Light Home Inspections.I use him primarily due to his attention to detail, leaving no stones unturned, and speedy efforts to get the report conducted and presented within 1-2 days of request!

I'm closing on a property in Knoxville, TN later this month and looking for a recommendation from someone that has SFR's in Knoxville and really likes their Property Manager. 

If a buyer is offered a 2-1 buydown (starting at 5.25%, increasing to 6.25% and then to 7.25%) with all closing costs covered except for $3,000 (to be paid by the buyer) on new construction through the seller's preferred lender, and signs the purchase contract in April 2024, the house will be completed by the end of September 2024.

There are also closing costs, potential renovation needs, and ongoing operational expenses to consider on top of the down payment.