@Jake BerlinCongratulations on taking the first steps toward buying your first rental property!

You could even use this strategy with your extra cash to buy in cash, do light remodel, and then cash out refinance most if not all your equity. 

You want to buy a rental or rent one? 

Investment Info:Single-family residence buy & hold investment in North Little Rock.

Investment Info:Single-family residence buy & hold investment in North Little Rock. 2021: new metal roof, painted the interior and exterior, sanded and painted the kitchen cabinets, and installed a new furnace.2024: New new vinyl plank flooring and carpet were installed throughout the home, all of the electrical outlets were replaced, and the A/C condenser and compressor were replaced.This property is currently listed for sale!

Coos Bay in particular was primarily a timber town and has had some difficult economic periods since it's hey day, but the downtown has grown up, there's yoga, a farmer's market and even a new Starbucks (which by the way you buy the brand new building they lease from!)

They did not finish the work and I ended up buying the property with one APT half way done because according to them no contractor was willing to finish the work for nineteen thousand dollars.

Originally I was hoping buy a 2-4 multifamily property and rent out the other units.

What did you end up buying?

For example, you might borrow $200,000 at 12% interest so you can buy a house for $140,000 and spend $60,000 on renovations.