Also have you considered partnering with someone who is already experienced and has skin in the game?

I have pretty thick skin so don't be afraid to speak your mind.Thanks a ton in advance, I'm super excited to be apart of the BP community.

While you may say that you don't care, because it's just for getting extra rental income, it can make a difference down the road, if your fil ever wanted to sell or refinance. 

Be careful on borrowing from your 401(k). 

I don't care about the fact that i have to pay capital gains tax for >500k.

I would be very careful commercial in small towns can stay vacant for EVER and a Day.just drive through any small town between Dallas and New mexico.. look down the main street.. nice brick buildings 90% vacant then on the outskirts of town a walmart and the associated fast food joints..the resi might work.. and maybe you change the commerical to cheap storage but put NO value in its cash flow would be my advice unless there is some compelling reason you think those would be leased.. if there was demand they would not be vacant would be my thought

Also, most of the cash partners I have will look at IRR, but again, they tend to care more about the cash yield, so we focus on CoC.

The $$ are so big that a left field event can be catastrophic.Oh and be VERY CAREFUL in CHCH.

I know that isn't a lot of money, but I'm not looking for a mansion.I'm 22, and I've been working dead end jobs since I was 18 to take care of my mom and younger sibling.

The problem that I am needing help with is...if I have a 3.25% interest currently and the bank is offering me a 4.5% cash out refi that will take care all of my cc balances and give me enough to purchase new property, is this a smart move to go from a 3.25 to 4.5%?