I would figure out what your initial output will be between downpayment and closing costs, divide your annual cash flow by that initial cash outlay and see what your return will be.

Did you feel you had all the questions covered, and numbers analyzed before making the first, initial purchase? 

You will need a decent amount of cash for closing costs, especially if you buy from a wholesaler who double closes (their initial closing costs and your closing costs both become your responsibility.)2.

If this was my specific situation, I'd likely pass on this opportunity since you'd running thin after the initial purchase.

But I'm not seeing the numbers increasing enough ARV and therefore I'm leaving at least 10 to 15% in the deal of my initial investment.Going the commercial loan route is what I'm thinking but it's a new process to me.

@Karl McGarvey My initial thoughts are to do LTR so there will be steady cash flow.

I stumbled upon this article, written by a tax attorney, in a respected tax magazine https://www.thetaxadviser.com/...It implies that the 3-yr window on amending your tax returns and claiming a refund starts on the day you actually filed your initial return and NOT on the extended due date.

An agent I've been speaking to told me I would need to get a commercial loan as the initial loan, followed by a typical mortgage for the refi.

@Ross Y.Very important detail that was initially left out that your wife would qualify as a RE Professional as she manages the properties and shows no other income.

People will buy small multi-family at break even all day in Utah/Saltlake County so it's really competitive and if you aren't financially prepared for initial expenses and no/low cashflow it might break the bank.