First, as everyone else suggested in this thread, don't even try to explain a double close to a title co who doesn't already know what it is.

Your home will be reappraised after the rehab for this refinance and may increase in value enough that it may make sense to cash-out-refinance or HELOC the property to rehab your next investment property🏘️the larger lot distressed property may open up additional opportunities to you via EHB 1337 and future associated ADU/DADU opportunities.I bought my first distressed investment property the first year out of college (duplex in Bremerton for $350k), then bought a second turn-key estate sale (~$200k SFH in North Carolina).

Example belowwe found a house for 900 a month rent Asking price was 59900. taxes 1400, insurance 800, renovation budget 25k mostly cosmetic and minor fixeswe went into it expecting a 15% return on our cash out  that gave us a expected cash out loan around 75k to get our 1.4 dscr   When we plugged our numbers  we could go over 47k on our offer to make the deal work  we offered 43 and got counter 47,5  we took the deal assume a slightly lower 1.38 dscrthe key is to scale and be selective on tenants AND not allowing pets (you can offer them but suggest crazy fees to cover yourself)  500 pet fee, 25 a month per pet etc.  

I'd suggest hiring an accountant.

Additionally, I helm Parhamade Productions, a real estate photography and videography company dedicated to showcasing the allure of short-term rentals.

@Jason Staine - If you are still thinking through your options, I'm happy to discuss as well as provide some additional feedback on your site.

I plan to short term it when I'm not living in it so I designed it with an additional vertical guest bed to the right of the living room and with extra dresser space in the bedroom in case of long term tenants.

Additionally, I'm also interested in multifamily real estate, but I'm a bit unsure where to start when it comes to finding potential investors.

The other partner will be onsite management, set up and property identification.Any help or suggestions on how to structure the equity piece would be great.  

Just looking for experiences or suggestions from others who have handled a similar situation.