Which is why I would like to find a club to associate myself with like minded individuals!

Do you have enough disposable cash to cover the $600 you will lose renting the property plus enough cash to cover the fees associated with the refinance?  

Account ClosedThat's funny how you said you want to retain the property and not just fix and flip it, because fix and flip was screaming in my head while reading your post.

Your DTI should be able to support all of your personal liabilities (credit cards, loans, auto loans, leases etc.) as well as taxes, insurance, association fee, and the mortgage payment on all your properties.If your income can support this and you guys get past the preapproved part at the bank, you're good to go.

As a senior associate at a "Big Dog" group, I recognize that the market dictates the margins.

I recommend you come to our monthly REIA (real estate investors association) meetings and learn all you can there too.

Thanks for the head up.  

As more and more people come here from the Bay Area, expect to see more and more of them heading into the neighborhood in full opposition of the "*** that" mentality of some of Oak Park's residents....You probably won't have enough cash to build an ADU, so instead I'd opt to looking for a duplex or two homes on one lot.

That’s the same direction I’m headed but I want to do multi family, skip single family homes, and do 3-20 unit apartments.  

Hey William, I would highly suggest becoming a member of AZREIA (Arizona Real Estate Investor Association).