You will suffer a slightly worse rate than you currently have, and you will have to pay some closing costs again.

Hello,I know each house would vary on how much to spend on its renovation costs, however, is there like a rule of thumb of a certain perecentage of the ARV price that someone should spend on renovations cost so it wont be to expensive which could lead to having less equity in the home?

You won't suffer 100% vacancy when one person moves out, one repair isnt likely to wipe out cashflow gains - I can go on and on.

Edited to say, your footprint of 2048 sq ft wont' support two stairwells and an elevator so you're stuck at ~38' high or 3 stories. 

oops...key stuck on 'e'  wont let me edit. sorry!

Not saying you can't make a good living but you wont walk out of college making six figures or even close to it.

I would think that the brokers wont take you seriously.

Most lenders wont work with deals that small, so lines of credit will be your best bet

If you were paying $1,500/M in rent, then after tenants pay you you are covering $500/M in mortgage (tenants paying the rest), then you will have a nice return.I am not saying that you ignore the normal return metrics, just that you can go with a slightly lower return than on a property you wont live in.

You will be getting it back eventually with a refinance, and you wont be paying interest on whatever money you do use up.What is your reasoning for wanting to use credit cards?