If you have any thoughts of self-managing a growing portfolio of rentals then this could be a good opportunity to grow your knowledge-base from first hand experience.- Work with the best PM company you possibly can for the units you don't live in and compare the units of work involved in your management of the professionally managed units vs your self-managed units. 

Network and try to find a mentor in these groups or wherever you can to help guide you through this industry.But if your market doesn't provide the cash flow you're lookng for I would check out single family and duplexes in Cleveland, OH that can produce strong cash flow such as 44102, 44109, 44111, and 44135.Go into Zillow under rents and look at days listed and contacts.

This will help guide you to the best cities based on your expectations.

I have seen crazy claims from ADU developers including attempts to indicate a value based on income.  

Your loan amount will be based on the lower of the purchase price and appraised value. 

Running your numbers based off a short term rental or medium term rental rate is going to get you in trouble.

So lets say the property is valued at 200,000 could a brand new LLC borrow 150,000 to 160,000 to purchase an investment property where the rent would be 1400 to 1500/month.Or since I own the LLC is it strictly based on my ability to get financed?

Montgomery has a great rental market. 1)The last numbers I saw showed 47% of homes here are rentals. 2)That is due to a strong federal job market with federal courthouses, Maxwell and Gunter air force bases. 3)Lots of state jobs, about 10 colleges and universities, tourism, 3 major hospitals, 4)a Hyundai manufacturing plant, and Amazon is building a distribution warehouse.5) Low property taxes.6) Population growth.7) Landlord friendly state.8) We can typically hit the 1% rule on rent to price ratioFrom Wikipedia, Alabama has the second lowest property taxes behind Hawaii.2.

For my real estate investor friends, we have always underwritten our deals based on the deal cash flowing under current market conditions and not speculating on needing to refinance when rates are lower.

Hi Steve,You could put a second position loan on it - like a HELOAN but this will be based off of income/tax returns.