The cost per unit is actually below average for Reno and maybe bit high for that location. 

If the pricewould have been $20k less I would have been good with just a VA loan.So depending if you're looking at a larger more expensive house, I wouldn't refi the 1st one as I'm sure your interest rate is pretty low, plus adding closing cost would add more $ being refinanced.

We took over the property management because the owner was having multiple issues with a few of the "tenants" that have illegally sublet the property, and we are now dealing with the ripple effects (e.g. squatters, dogs, dispute with neighbors etc.)The landlord is cash strapped, and has asked me to go in on the property/deal with him in order to get a cash infusion to cover legal fees & renovation costs. 

And if this is a good area in a neighborhood you believe in that has seen rent growth in the last 5-10 years, your cash flow would very likely increase year over year as well.  

In most cases your better off buying with "All Cash" and then you can use a "Delayed financing" program to get up to 80% cash back LTC loan to cost.

They will evaluate the contract with the builder and the budget, make sure it falls within market median costs, and set milestones for draw requests. 

Consider renovation costs and potential for adding value through improvements.Resources and Tools:Local Real Estate Networks: Connect with local real estate agents, property managers, and investors for insights into specific neighborhoods and market conditions.Online Tools: Use real estate websites and platforms to analyze property prices, rental yields, and neighborhood demographics.Tips for Canadian Investors:Tax Implications: Understand tax implications for Canadian investors owning U.S. property, including withholding taxes on rental income and capital gains.Legal and Financial Advice: Consult with a cross-border tax specialist and real estate attorney to navigate legal and financial aspects of investing in the U.S.If you would like to discuss further/need financing please feel free to reach out.

We initially met with a couple builders my father has worked with previously and are currently awaiting for detailed breakdown of cost estimates.What would be recommended for taking out a loan for this build?

Many investors think that if they don’t qualify for REPS status, they won’t be able to benefit from a cost segregation study.

@Andrew Boettcher as long as its presented that half a months rent every two weeks is a 8.3% increase in the rent, I have no issue.