When I moved to the U.S, I worked in education administration, contract law, and management consulting prior to finding that my aptitude lies in  Real Estate where I am able to utilize my training and education, and combine it with my passion for homes.

Will probably get umbrella policy.

The owners have already moved 10 hours away but did not finish some cosmetic renovations to the home prior to moving out. 

Your annual P&I is about $30k so your net cash flow is $20k and your ROI is 20%.In my prior example, I was hand-waving at this math just to point out that you have to account for the difference between NOI and cash flow if you will be using leverage.

But, my mortgage payment would be so incredibly high that I am under no illusion than any bank would even consider financing it, especially since I have no prior land lording experience to show on my financial statements. 

Lately I have been into topics on economic policy, fed reserve, and the monetary system.

I wish I had discovered the Bigger Pockets prior to getting pulled into the "sucker" wave.  

CMHC policy only permits a borrow to hold one CMHC insured residential mortgage at a time {though not every lender enforces this and CMHC does not always police/catch it}.  

My prior post was deleted, so let me ask this in a different way:What are realistic hard money financing terms in South Dakota for multi family purchases or construction?

(Ex:  I bought a house the other day and immediately looked up the neighborhood, right across the street was a house that had just been sold for top dollar earlier this past month, and had been bought 6 months prior for 70k less.