So every 2 years I save the extra. 

I wanted to have extra cash in hand just in case if I do not get the tenant sooner.

Should I build the garage and extra unit sooner rather than later?

View report*This link comes directly from our calculators, based on information input by the member who posted.HARTFORD, CT490K LISTING PRICE150K - 25% DOWN PAYMENT PLUS EXTRA (JUST IN CASE) VIA HELOCCOVENTIONAL LOAN 30-YEAR AT 3.99% INTEREST RENT - $900 PER UNIT, COULD GO UP TO $1000 PER UNIT (AS PER RENTOMETER, ZILLOW, AND BIGGER POCKETS)UTILITIES - "GUESS-TIMATED" $500-$1000 (WATER AND COMMON AREAS-LIGHT)2 BED ROOM, 1 BATHINCLUSION OF PROPERTY MANAGEMENT

The incoming rent is more than sufficient to cover any extra monthly fees incurred from the new loan product.  

If you tell them you charge $100 extra per month for a dog, that could eliminate some people.Are they currently employed or do they have a stable source of income (pension, disability, etc.)?

the my way or the highway .. its a business blah blah blah that we see posted on BP works in certain segments of the rental market but for D class  your wearing many hats and have to have a desire to go the extra mile etc.

I have been using rehab grades (light, medium, heavy, extra heavy) with a corresponding $/sq ft. ie.

@Gittel Grunstein I can understand the general concept of leveraging the extra cash in other investments, but how could I buy other houses with 5% down each? 

You're only as strong as your weakest link ... select your partners wisely.Some of the cons of the 203k are higher interest rate, extra loan costs, and longer closing timeline (+15-30 days), but if you value the pros more, then the 203k is a great option!