I am purchasing a fire/dwelling insurance policy to cover myself incase of loss.

Because I will need that to pay for materials for renovations and have started to apply for those 12 month 0% apr cards...(5) If you get a decent fixed rate 5.9-6.2 for 30 yr fixed, do you still try to slam every nickle into the mortgage or should you be content with being able to cover the mortgage and/or make slightly positive cash flow, and instead of pre-paying the mortgage, save your money for a new investment?

The best advice i can offer you is #1 do your homework... cover every possible base mentally before you proceed

It can cover more than a house.2.

Do NOT go into this or any other deal with a girlfriend, fiance or any other party that you're not married to WITHOUT A VERY DETAILED BUY/SELL AGREEMENT to cover EVERY contingency.

But will that be enough to cover the investment?

I have great credit and barely the money in the bank to cover 6 months but my problem is the assets.

The first floor tenant was paying next to nothing and the second floor tenant was also paying below the average and the utilities were covered by me.

Their data base does not cover all areas yet but is a really useful tool in my area.Jb

Some other things to consider:- A HELOC can be nice for covering SHORT TERM emergency repairs if you need that security.