Hey guys, I guess I’m just looking for opinions on what others would do or have done, so I have my house which is fully paid off now and I am wanting to cash out refinance to buy my first apartment building.long story short it was my parents house they had a 100k+ mortgage on it and they got divorced and it was foreclosed and sold for 21,500 dollars in 2016, after negotiations we purchased it back for 70k now the deed is free and clear in my name, it’s a big house 6400 sq ft lot 7 bedrooms 4 bath 4 floors (It was originally a 4 apartment building turned into a single family home when I was young then a 3rd floor was added on to it)I ideally didn’t want to buy it back and wanted to move out of the city but I have to take care of my mother as well so ultimately I’m ok with living here while trying to grow my wealth.

There was this post a couple months ago from another BP member not too far from me whose deadbeat tenant owed him/his parents almost $27k:California Tenant Missing Rent Since 03-2020And in that post, it didn't seem like he was even close to getting this tenant out. 

My parents dealt with this when buying a new primary as the previous owner was selling without somewhere to move. 

Hi James,You could take the money and run--then rent a nice 1 bedroom bachelor pad apartment with a view of the Ocean, and work from the hot tub by the pool.Or, if that's too much $$$, roommate up in a beach area apartment and still do the hot tub thing.Or. couch surf at your parents place until you get yourself where you want to be financially.Apartments: https://www.apartments.com/apartments/max-1-bedrooms/?

We routinely get parents staying there for college events such as football games, homecoming weekend, pick them up from school, drop them off at school, and graduations.

You get the picture. (2) 20% down does help to cashflow, but it kills your ROI and velocity of money (this assumes you have some other expenses in life and are not living in your parents basement for free).

ask your parents what they spent money on in the house you lived in or what they called the landlord for if your family lived in a rental.

I just finished high school and taking a year off to earn a down payment. in my job right now I am estimated to make 25k-30k CAD but I don't know how much of that I could save, thankfully my parents are going to pay for my college fees so I don't have to worry about that I just have to worry about my living expenses, books and other stuff.

My partner’s parents have a house up that way!

The parents really like the property.