That being said if I go to refi and he says no then I'm going to spend a few days looking over my books to figure out what is scaring him.

I bought a new house in Colorado from a builder and figured I did not need a inspection.

My plan is to buy and hold and most of what I find looks like the figures below, which is actually an REO I am going to make an offer on on Monday:3/1 and 984 SFListed for 77,900Estimate Appraisal: 93,500 - 114,000Sold in 2006 for $110,000 - but that was during the boom...Will Offer: 69,000Bank Loan: 80%Down Payment: 20% - best my area offersTaxes: 1693.00Insurance: 1,100Repairs: approx 6,000Will probably rent for about $750 - rents not = to the 1% rule in Ocala.After I figure the taxes, insurance, 5% vacancy rate, 8% of income for maintenance (don't really know how to account for this as I'm a newbie), $210 electricity/water holding costs till rented per year, $200 for advertising to rent it per year, my OE are at 48% of my operating income . 8,400 - 3855 = 4,209.I will have 4,209 left to pay P & I, and I will be negative a couple hundred dollars the first year.

(I don't want to get into due diligence on the accuracy of the figures; please take them as true for the purposes of my query.

So, you have to figure that out before you start.

I figure the second Is my responsibility, (my dept) and in five years it sould be paid down pretty good.

I don't see how having your cash needlessly tied up can be beneficial, because you lose out on the exponential growth you can achieve with the bank's money.The best I can figure where all cash is useful is to find a good deal and then refinance (correct me please if I'm wrong).

For my first day of visitng properties from the list, I visited the properties that had been on the list the longest, figuring they were closest to foreclosure.

I figured out how to add Biggerpockets forum to my My Yahoo page and igoogle.

You need to make calls, though, to figure out all the details.