Illinois, Ohio lead the ‘charge’, besides Texas, but Texas is a completely different game.I don’t need to touch the stove if I know it’s hot.  ;-)

Howdy @Kevin ScottIt appears you are planning to use a conventional lender for both the acquisition and refinance loans for this deal.  20% Down payment for the purchase.  6 months to Refinance.  

Hard money lenders will have rates from 10%-14% BUT they will also charge anywhere from 1% - 3% in fees too. 

For the first deal we had 20% to put down and did a conventional 15yr second home mortgage in my husbands name.

I was at a note convention in June, and my friends in the industry (who also lost money with Scott) said they knew somebody who just invested with him the prior month.Of course, I can't be sure, but I think the Scott Carson machine is still successfully collecting money. 

Based off the P&L, the potential income when fully rented out is about $248k/year but the last couple years his income was around $230-235k including charging $75/month to each tenant for water and trash.

Why would you consider commercial loan vs residential conventional loan?

Zillow is great - but check out the MLS - lots of realty sites let you browse the MLS at no charge and no realtor.

The foundation company is now wanting to charge an additional $3500 to put in 4 more piers, not to mention I will have to spend another $4-$6k to repair and restain the hardwoods, which can't really be done while we are living there. 

I never thought I had the funds to get started but recently discovered there are many more, maybe less conventional, ways to get started.