Hello GeorgeI congratulate you for even being in a position to think about purchasing an investment property but I think you would benefit more both short and long term if you improved your existing situation before you pulled the trigger on any type of purchase.First of all, your 600 FICO will make your decision as to which type of loan you want to proceed with a lot easier than you think.

The remaining $35,000 was spent on improvements to those capital assets.

As my profile indicates, I am located in So Cal. 

Also, check out the podcasts on wholesaling. https://www.biggerpockets.com/renewsblog/2015/01/3...I'd also suggest completing your BP profile so that it can work on your behalf and possibly bring you exactly the people you want to engage.

You might want to work on improving that credit rating to get better deals when you do get loans.  

game, then I'd suggest chilling out with the refis, and if you want $50/month more cash-flow, maybe go ahead and think of improving some of your assets so they command higher rent. 

However, that is not the scope of this article and is generally not in the range of a typical real estate investor’s risk profile.

@Paul MacInnisUnless there is a strong demand for new units (your fire just improved the vacancy rate) and you wouldn't just be pulling the better (of the poor) tenants from other properties, I would not consider rebuilding at this time.  

You can view my linkedin profile below.https://www.linkedin.com/in/michaeljtroutHope I can help.

After dropping out of college I worked two jobs; one selling insurance and the other in home improvement retail.