But you will have to do this in your personal name (conventional loans only for individuals), and will need to be able to carry the PITI of the new property in your debt ratio without receiving any credit for the rental income (due to lack of 2 years of experience, as I was mentioning.).

However, I deal with a local Amish wood supplier & I would definitely go with his 4" width hardwood ($3.50 sq ft) next time.good luck

Ideally, we'd like to pay interest only for 6-12 months then refi out under a conventional loan.

Maintenance depends on condition 5 to 10% o gross rents should do.Tag 1/12th each month or 1/4 every 3 months, consider what could go wrong.PMI is not tax deductible individually but is an expense in business.Consider 10% vacancy, estimate when it will be leased for the first time and put month in at the end it's a guess so you can delay income well, lots of ways to play what if.Any mortgage payments with that PMI?

The reason i ask is I am in a similar situation where I could sell for a small profit $2-3k, or refinance pay off my partner and cashflow $350/mth as a rental, all the while gaining appreciation(ideally).

New product type for me and I trade mortgages for a living).Ideally I'm looking for 30 yr fixed but most lenders I speak to direct lending through their commercial lending group when a LLC is involved.

Bill Gulley, thanks for your insight...very thorough postLots of points to respond to, I'll address each one individually...

A bank can make a combination of loans, for acquisition, rehab, bridge loan and an end loan each with less expense than doing a series of financing elsewhere individually.

By IRA you mean Individual Retirement Acct.?

Ideally I would sell it, but I don't know if I am legally allowed to since it isn't on my name, just on my property.Otherwise I would like to have it towed and dumped, or donated, but again I don't know if I can do that.Any advice?