My brother and I purchased a home 18 months ago in which the seller wrote us a fixed 4.5%, 5-year mortgage note as an incentive for a quick closing.

What is the downside of using a commercial lender to purchase, my own cash to rehab, and then refinancing?  

We are trying to purchase rental properties to pay for my children's private education.

PMC RECOMMENDATIONRecommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

Having witnessed firsthand the pitfalls of hasty investments based on vague information, I recognize that this journey isn’t as straightforward as it seems. 

Purchase price: $1,280,000 Cash invested: $400,000 we were presented with the deal by a flipper needing to exit the deal. it was only rentable for $4500/mo as is, so we created a second unit. now it brings in $7200/mo What made you interested in investing in this type of deal?

Be aware, the change in the policy will go to your mortgagee so if you were not going to inform them, the policy endorsement may alert them. 

My NJ experience is you are looking for someone to buy your newly purchased land for a lot more in the near future, regardless of where you buy.

For conventional loan amounts on primary purchases with 5-10% down and even FHA eligibility, but I'd imagine the properties that qualify are more specific?

I completed my first BRRRR earlier this year and had enough cash for the purchase and rehab, but the LOC's are available when I need them.