I was lucky enough to purchase a multi-family building in a gentrifying area of Brooklyn 8 years ago.I've gotten very lucky and have not had a bad tenant or even a bounced check in 8 years if you could believe that.I currently work a 50 hour a week full time job and have two young kids so it's difficult to devote time to locating good deals in the area.

The logistics will be difficult.

Usually it'll allow you to draw funds via the first 10 years and pay only interest only and the remaining 20 it's principal interest.As for conventional financing and private mortgage insurance or pmi the general rule is if you want mi to be removed automatically with out review or appraisal you can pay down the balance to 78% of original purchase price.

If you are at the point in your investing career that you are ready to do a flip I would imagine you have a pretty good handle on what your holding costs will be exactly and you can start factoring that in to the equation but 70% will be an extremely difficult benchmark to hit.

Without knowing where in Broomfield or Lakewood it would be a little difficult to advise.

Just glad this forum exists, it would be much more difficult to find the voice of experience without it.

Mortgage insurance is not insurance for the Mortgagee for the entire balance, only a portion.

I live 2 hours away and I have a management company managing this rental.From what I've read it has become very difficult to transfer a property into your LLC with keeping the mortgage conventional.If I leave the mortgage where it is, and flow everything through the LLC, am I still protected?

That is rare.With these low priced properties realize that it will be difficult to refinance in the future as the loan amounts and the property value is below minimum loan amounts.

Hi @Joel Owens I've worked with commercial brokers before and I know deals are much more difficult than just about any residential deal.