Hi Kristina,This is a common dilemma investors are facing right now when they have a high equity property with low interest rate.

If you do cash out refinance it would allow to only get to 75% LTV around the high 7s with some points, they would still require to be 1st position.

Depends on your credit score and debt to income ratio etc .If it us full doc and it is a primary residence sounds a little high . if it is an investment sounds pretty solid .

But I'm not sure if someone is running a full blown operation to take you from deal acquisition through rehab and to property management.It's pretty unique, but it's out there. 

For all the people out there that are happy about the NAR Settlement, that are happy about "sticking it" to the RE Agent, claiming that RE Agents make too much money, don't provide good service/advice, that they don't have to pay high commissions any more, and that they can fill out "paperwork" and sell a house themselves...are the embodiment of ignorance and inexperience. 

I live in NJ so housing prices are fairly high.

This way whether it was repaired in 1-3 days or replaced in 1-3 weeks, the tenant is only minimally impacted.

PS: He suggested me an FHA 203k, but I'm not open to that because I want to reserve my FHA loan to buy my primary residence home by the end of the year. that's why I'm interested in this deal, well done, it will not impact my credit score.So how will you go about this deal?

Get a high lease price or profit sharing, due to the extra wear and tear.Make sure they are licensed and insured and local.Get a personal guarantee outside of their LLC name.

I highly recommend 24 hour closing.