Make sure you are asking about all the terms - the maturity date, the adjustment period, the costs, etc.  

There is also room to add on and make it a triplex, I need to get quotes for the cost. 

This would cost 10-12k and 2-3 months to complete2.

If you truly need to refinance, you may want to look into a bridge cash out loan and have the permit cost as the budget + any other rehab you still may need to do to get this fully permitted.

Your competing with big national lenders that are offering financing with low rates by buying the rate down. 

@Garrett BowserAgree with Wayne as it will increase his insurance and bond costs for having this project on the books along with the liability.I would guess 3-5% of project costs.

But the place is clean, she pays on time and is low maintenance.Someone else mentioned when she goes, she may leave stuff behind and that may be true, but you'll be dealing with that now or 5 years down the road either way.

HI Julie,You can always start off by house hacking meaning you live in one UNIT or ROOM and renting out the other vacant units/rooms to offset your monthly mortgage payment.There are several ways to run and make sure you are maximizing your rental income while keeping your living expense as low as possible.

I do have a cash flow property I've been renting out since 2018 and I did a cash-out refi for the next investment when the rates were low.

They are slow to respond, pay pennies on the dollar to low-qualified contractors, and often reject claims for things you thought was covered.