I’m actually replacing the roof once i close on the property.I was thinking of refinancing quickly in 1-3 months with a hard money lender that’s offering me. 6% interest, then wait a a little more (like a year or so) to refinance through a bank with a lower %. that would get me out of the original loan faster and have reserves, could also reinvest some of it into some flips to keep paying off the new refinance loan.But thank you so much for your advice, it was helpful!

The banks will want to see a lot of equity, reserves and very strong financials. 

Sad to say, a lot of the investors don’t have the liquid cash to come up with an additional 10% down, 6 months reserves ect.The business will still continue but I’d look into your contacts and find your cash buyers and run the deals through them.Lastly, comps and ARV from last month won’t work in this market right now.

Keep a reserve that allows you to handle vacancies, unexpected maintenance issues, and all the other problems Landlords inevitably deal with.

The attitude of the government, both federal and local in this is concerning.  

Keep a fair amount of cash as reserve for the active real estate and for liquidity. 

Several iBuyers are freezing up acquisitions at the moment, those on low cash reserves are frozen up on acquisition, interest rates are on the floor, retail buyers are too shaken to contemplate much more than just doing a refi and riding it out.

Here's the deal:Agreed price: €159,000€1000 Reserve put down and lawyer instructed10% deposit not yet paid (can walk away)70% mortgage pre-approved but not officially offered (€514/m) pre-Corona rental income: €850-950/mBased on no particular expertise but a bit of research I came to think that any dip in the real estate market due to COVID-19 was likely to be V shaped and short-lived.

I want to use this as a tool to build cash reserves, so in a fully transparent environment I would have to basically state that "I want to not pay principle/interest on my loan so I can build cash reserves, sorry"Thoughts?

The Landlord reserves the right to regularly inspect the air filter to determine whether the air filter needs replacement or cleaning for periods or times that are less than six months.