@Kristina Lugo I prefer the cash out refinance in your situation because this allows you to delete the PMI forever which raises your cash flow substantially.

@Steve S.You should raise it at least a little.

I followed up a year later with a multi-single family deal (off-market) that will yield 1.6% out of the gate , raised to 2.0 once I raise rents to market value.AND, the only way to achieve these numbers (IMO) you have to plan in the B, C class arenaWalt B 

Focus on the expenses and the cash flow based on actual data (or as close as you can get) and let all the other benefits of REI be icing on the cake.Wholesaling is a world unto itself, but for buy and holds, I always recommend that investors (esp new ones) focus on B/B+ areas where folks like nurses and teachers and skilled laborers work, places regular folks want to raise families etc.

No one is clairvoyant, but the Miami metro area has one of the nation's highest growth percentages, one of the strongest rental markets, and the elevation raises quite quickly as you move inland, compared to other coastal communities in FL.

Yes, if you use all of a HELOC it will show up on your credit like a card that is maxed out.  

@Franklin Marte, since this is 5+ units you can force appreciation by lowering expenses and/or raising income (rents).

Do you already have the deal and private raise for the 40% down?

With my finances around 1,000 in savings and yearly income at 66,000, solid credit score with very minimal credit card debt.

Usually I'm doing them for business owners who also own their buildings so accelerating depreciation in the rental company, and raising rents on the S Corporation has been an extremely lucrative model.