My understanding of loans and financing is pretty limited.The latter scenario you describe of financing the purchase and rehab and then performing a cash-out refinance is quite frequently practiced.Often, an investor will get a loan for the purchase and rehab of the subject property, and then (after seasoning) cash-out refinance using a traditional bank loan.

Hey Ryan,I need to tell you that even right now you can have cashflowing and high upside deals in an emerging market... it requires serious market research and networking, many trips to the market, establishing local connections as an outsider to build your management team and get the first look at deals, finding the right people to build your property management company and represent and promote your brand, establishing relationships with banks and identifying the best financing options and applicable grants, and designing/building the value adds that raise rents and property value.

Then, just let the current tenant out of the lease (i would keep the deposit if they failed to stay the full term) and then sign a new lease with the new tenant and perform all income/background checks as-if they were applying for the unit.

@Brent Coombs, @Matthew Brill, I was performing my analysis for after I move out.

Hi everyone, I am brand new to real estate and am looking to house hack my first property.

When the reinspection is performed, be as gracious and polite as possible and always thank the inspector for his/her time.And finally, does your unit fall under rent control? 

They may have less cash flow and cost more, but will perform better over time.

Just to name a few there is OSU college which is a real estate super power that develops land and buildings at a crazy pace, L Brands (Victoria Secret and Bath and Body Works), and Battelle a well-known large government research facility. 

Why should you pay 100% of a brand new countertop to replace one that he has gotten 30 years use out of..or more.

Any suggestions for a state to buy my first performing?