However, they will calculate a new DTI (debit to income ratio) based on the new monthly payments from your cash out refi or HELOC loan.Some quick pros and cons about Cash out Refi vsHELOCCash out Pros-tax free money-low interest rate-no monthly payments Cash out Cons-closing costs (couple thousand)HELOC Pros-tax free -its a line of credit, hence you can use pay back then use again-usually NO closing costsHeloc Cons-higher interest rate-have to make monthly payments on money borrowedHope this helps,CB

Roof's are based off of squares, 1 square equals 100 sqft.  

You could also pay cash for the home, fix it up, and then mortgage it later based on 80% of the appraisal rather than 80% of the purchase price.

There are very few properties like it around, but I was able to roughly put the ARV at $175,000 based on recent sales and the properties that are there.  

I hear NY pays their leasing agents based off commission as if they were real estate agent brokers.

Definitely check out the legality of short term rentals where you are buying... that issue is my nightmare right now in FL - where the city only pursues short term rentals based on neighbor complaints.  

Looks like he's based in Rochester, NY - been around since 2007.Thanks!

I've read through the contract and will summarize here with simplified numbers (not the actual numbers) what I believe the contract says and follow up with some questions for you more knowledgeable members:1) Purchase Price: $100k2) Initial Down Payment: $10K3) Buyer pays seller monthly payments based on 30 year amort of 90k at 5% which is $484/month4) Remaining principal balance to be paid off on the defined Closing Date (roughly 2 years from now)5) Buyer pays taxes and insurance6) Buyer to provide Seller a Loan Commitment from a Lender on or before the Closing Date7) Seller will transfer Deed when Buyer pays full Purchase Price8) Buyer will pay the Seller's existing monthly mortgage payment that exists on the property, which is $100/month, directly to the bank.

If you're willing to do that you won't have issues getting a loan based on what you're saying.  

So far I've lived in NYC, the SF bay area, LA, Atlanta and Chicago and I'm currently based in Northern NJ.