Obviously I don't want to cash out refi and start paying a loan and then wait for an opportunity.

https://www.biggerpockets.com/blog/brrrr-loans-what-are-the-...Short-Term Rental Loans: What Are the Options and How Do DSCR Loans Stack Up?

How long it takes to be financially ready is different for everyone.

Hey Malcolm, debt financing shouldn't be an issue; with a DSCR loan, you can borrow within an LLC, and it does not need to exist for a certain period of time.

However, my challenge is a lot of student loans of ~100k (bachelors and masters degrees), which consequently affects my credit.

Just my 2 centsTo answer the question if it’s a tear down you need to understand the comps In That area and the cost to remove the existing and rebuild - where many go wrong with rebuilds is they assume best case construction and holding times and time is money especially if using a construction loan.

I have an opportunity to by a 6-unit property for $300K with a $240k Commercial loan and a Seller carry back of $60K at a 6% interest rate with a 5-year balloon. 

When we bought the home, we used a VA loan and then we had to PCS (move in the military).

All VA and FHA loans are assumable.

I have a conventional loan held by Mr.