If you are trying to use the "Delayed Financing" exception a couple of things you should keep in mind, #1 you must have paid all cash for the property (no borrowed funds for purchase) and no liens on the property #2 you can use the maximum LTV allowed for purchase of property (ie. for an owner occupied property 97/95% LTV or non-owner occupied max is usually 80-85% LTV) #3 must refi within 6 months of purchasing the property (so for the most part you are going to use the purchase price plus improvements rather than the new appraised value) #4 property will have to qualify condition wise within the lenders guidelines, so no major work should be outstanding like broken windows, holes in the roof, ect. 

However, I think that if you were to lock in a private-party loan to fund the second property, you could repay the debt service once your mortgage for property number one is issued in a couple of months.I'd be happy to hear your thoughts on the above. 

I have been listening to the podcasts for a couple weeks and am hooked!

I'll still cash flow in the SFH with the bumped up mortgage.My current terms are 4.85% I'll be able to pull out $80,000 cash, which I'm hoping to couple with $19,000 of savings to purchase a duplex in the same market.

There are plenty of rentals in Aurora, Naperville, and a couple in Oswego but none specifically in Montgomery that I can find.There are a couple of hotels in the area, which shows there is at least some demand for stay in the area.What are people's thoughts/experiences on this?

You will meet a nice girl and get married and have kids and you will want a nice brand new 3000 sq ft house in the suburbs.

For ex in the early part of my research I completely avoided a zipcode , with her inputs , I was able to understand that there are couple of pretty good blocks . 

One I had a retired couple agree verbally to 1-1/2 month, hemmed and hawed about it, and they're suppose to bring it to the lease signing with the first months rent.

There's a couple ways you can do it.

Ate at the Coffee Shop Cafe a couple of times and had to have a cupcake from Cuppiecakes.