It’s also a great strategy for consolidating debt or accessing additional capital for growth.However, be mindful of potential prepayment penalties and how they weigh against long-term savings.

I have amazing credit (760) and zero debt and I purchased 2 homes this way.

Eliminate debt, establish a budget, and save.

@Bradley Kirschbaum Not so much debt to income (as far as I know).

. 💪 As for next steps, I'd focus on stabilizing your cash flow first, especially with the credit card debt situation.

Buying quality assets with a larger amount down, making improvements, and paying off debt could get you there relatively quickly. 

If it's mostly fully occupied you can get a full-doc commercial loan as long as it debt covers.

I've seen some Smokies owners that cashflow well even with high-leverage debt.

But ultimately all tenants leave, all debt comes due, and you're going to need to backfill it, so who is that, what pool of tenants could you consider?

If you are working with a reputable company, then you buy the property, hold the property and look up 7-10 years down the road and have a home that has increased in value and a debt that has been reduced by your renter.