Guild is also one of the most expensive lenders out there, they are a big behmoth with private and public shareholders to please, so costs are much higher to drive profit for them.I am a local house hacker/investor and lender for WA State, and would be glad to help you with this @Chelsae Roach!

That way you can use that 2% to do a rate buy down to ensure a better cash flow.If you are buying it as a Primary owner occupancy I would ask for 3-4% seller credit to cover rate buy down and a portion of closing costs.

Those costs to both shut down the biz to upgrade/replace and the cost of doing the work are huge capital costs. 

I am contemplating the possibility of purchasing a second mortgage or an HOA lien to subsequently pay off the superior lien.

We are going to touch base in a day or two.I have run the numbers on the Brrrr calculator, but have ZERO confidence that my guesstimate about rehab costs are accurate.

If you're concerned about closing costs, you can place your offers requesting the seller to cover your costs.   

Sure, there will be some costs (i.e. monthly rent, furniture, etc) but this may be cheaper than sinking money into buying a property thinking you'll do well in STR ,only to find out that you aren't cash flowing and now you can't sell the property for a profit.What I do recommend is the following:1.

However the rates are nowhere your numbers :)I have cash saved to put 25% down plus closing cost.

Expenses like this include things like property taxes, insurance, maintenance, administrative and office costs, payroll, marketing expenses, and property management fees. 

Costs are adding up really fast.I work with a third party company that tries to get the best deals from various insurances they work with but Im noticing premiums are increasing with each new policy I add.