There might be some wiggle room, but I would operate under the assumption that you will have another year, from the refi close date, before you can do another primary loan. 

Until you get pre-approved, you will be doing nothing but making assumptions.

6.Any time the contractor asks to be paid in advance of work being performed, operate under the assumption that any money you pay, will simply disappear.

My first question would be what type of area are you able to source a $120k property that needs only $20k and would rent for $1600 (Im assuming a LTR which may be an unfair assumption)?

There are tens of thousands of licensees out there who make the same assumptions about PM as most rookies on BP...and they make the same mistakes, to the detriment of their Clients.4) As a licensee, and assuming your Company requires you to have membership in the NAR or other trade organizations, you are required to adhere to a Code of Ethics in all aspects of the business.

. ;-)  I've been at this for 30 years so I have a different perspective.Here are a couple of things for your consideration (and anyone else investing)1) Nobody who had a "paid off" property lost it to foreclosure in the last 5 real estate down cycles  (This is a BIG thing)2) You can always borrow against a "paid off" property if you need to3) All the money coming from rents is PROFIT after the loan is "paid off"4) You can't begin to guess what the next 30 years will bring and you are making assumptions you have no right to make about how "safe" a 30 year mortgage will be.5) You have a LOT more flexibility when it comes to "paid off" properties than properties that have "liens" (mortgages) against them. 6) By paying off the properties faster, you can borrower against them in the future to scoop up great deals from people who didn't plan ahead and have 30 year loans and need to sell fast. 7) My point is: treat it like a business.

-> Action:I immediately changed my plan last year (2020), and switched to Sacramento, as previous city raised property tax (unjustified 1+ %) drastically.BP forum valuable suggestions and above assumptions helped to narrow-down places-of-interest.Decent population growth is also a positive signal.I am slightly negatively cash-flow, but expect to be break-even (/+ve) next summer.Appreciation: about 23%> Disclaimer: 2022 cannot be compared to 2020.

I made assumptions about the property taxes based on some nearby properties in the same price range.

Really be careful with assumptions and how you evaluate the market pool for the property.

If I discard a property because of my assumptions I may be passing up "The Deal of the Decade".Remember: the seller's asking price is a pipe-dream - it's what they wish they could get.