After reading yesterday I discovered that it could also be smart to get an umbrella policy with the reasonable limits for that extra protection.

It turns out there were some things that our inspector missed, and we were very happy to have the extra funds available to address them.My suggestion would be to make sure you have enough for the down payment plus a decent operating budget/emergency fund....maybe 6 month worth of projected expenses at least.Hope that helps.Mike

You'll be able to pull out equity tax free, and then extra tax write offs with the interest paid on the properties.A more conservative approach that I have favored in the past as well is to get a HELOC on the property.

With permitting watch out for the SDC's (Systems development charges) from the city for the extra fixture counts.

With the fixed rate the cash flow is very low after all expenses but I don't care much about that. 5/1 loan officer opinion - You will refi in 5 years and pull out more cash so not worth paying extra every month for principal30 year fixed rate offer opinion - when the rates are low it's not worth doing the 5/1, rather lock in a rate and doesn't believe in paying so much in points.I would appreciate any comments and advice from the more experienced.Thank you!

Now, the time is coming close for us to make arrangements for the home, and we are torn between selling to use the extra money to pay off a few bills/loans or sticking with the original plan of renting it out as an investment property.

Yes, you can get the judge and/or borrower who does things to slow things down but that's why you need that extra cushion.I wish that all states would go to non-judicial foreclosure.

But never bad to pick up an extra property if possible.

We are captive to our needs, our need for food, our need for shelter, our need for entertainment, our need for things, and ultimately, our need for employment (or active income) to be able to pay for our needs.IF you are willing to put in the work to build, grow and create passive income, I would be happy to answer any additional questions that you have about the process or introduce you to the teams that I use who can help you get it done as well.

With  long term tenant I don't have the extra costs of full furnish and I don't have to supply the utilities, cable and internet.