After that, I do another cash-out refinance on the $120,000 property at 80% LTV to get $96,000 in cash.

The car expense ate up most of his cash flow.  

Around here, you'd probably usually cash flow better with a duplex-- but do the math for these particular deals and buy the property that will make you the most money.

Thank you in advance for your thoughts.

A 24-month loan would be preferred so you can build up the last 12 months of cash flow for the property. 

The house with squatters may need a whole lot of cash infusion.

Purchase price: $74,000 Cash invested: $30,000 Beautifully renovated 4-bedroom split-level home that features a new galley style kitchen with 42" soft close cabinets, stainless steel appliances, recessed lights, updated baths with modern vanities and fixtures, large living room that leads to separate dining room off kitchen, three spacious bedrooms on 2nd level with modern decor, large lower-level family room with ceramic tile flooring with well-placed laundry cove, and recently laid sod in front and rear of property.

Both properties fall into Class B- category and has no HOA and no rental restrictions.Here are the details for each property:Property 1:3 Bed, 2 Bath (1020 sq ft)Purchase Price: $250,000Moderate rehab needed (Kitchen, floor, bathroom sink vanity, light & fan fixtures, interior paint)Rehab Cost: $30,000After Repair Value (ARV): $295,000Down Payment: 20% (Out of Pocket: $50,000 + $30,000 (rehab) = $80,000)Projected Rental Income Post-renovation: $2100/monthProperty 2:2 Bed, 2.5 Bath (1168 sq ft)Purchase Price: $230,000Moderate rehab needed (Kitchen, floor, bathroom sink vanity, light & fan fixtures, interior paint)Rehab Cost: $30,000After Repair Value (ARV): $295,000Down Payment: 20% (Out of Pocket: $46,000 + $30,000 (rehab) = $76,000)Projected Rental Income Post-renovation: $1900/monthThe location is moderate, with amenities like shops, restaurants, a mall, and a baseball stadium within a 5-mile radius.Considering buying both as they are in the same building, the total cost and income overview would be:Total Price for Both Properties: $478,000Down Payment & Closing: $96,000 + $10,000 = $106,000Total Renovations: $60,000Total Price (Including Renovations): $478,000 + $60,000 = $538,000Total Out of Pocket: $166,000Projected Gross Rent Monthly: $4000The rate of interest for the mortgage is 7.5%.I am currently evaluating: A) The break-even point for two townhomes considering a cash investment of close to 32%.

Purchase price: $443,000 Cash invested: $60,000 I've included the mortgage, a 5% rental vacancy rate, and a 5% capex reserve.

I was looking for some advice (viable target area, financing options and credible PM/realtor contacts) from the experts here though especially if you are in a similar boat as mine (reside in Canada/Ontario area and invest in US).Thanks much, in advance!