There just aren't a ton of MFH on the market for a reasonable price2) Investing out of this market (say, Spokane, where its cheaper) is hard as well because I have to purchase and manage a property that is hours away by car, and this being my first investment, I'm not sure how well it would work to be so far away.So I'm sort of generalizing my concerns, so maybe someone has suggestions on how I can achieve #1 given my sitation.This leads me to this idea.  

My broker is associated with "Movement Mortgage" and I decided to talk with them and use them to try to get my pre-approval to purchase my first property.

This will invaribly be different for each rate and scenario but just a general gauge.Even though rates are in the 3's and 4's the monthly payment or what we call the "mortgage constant," on our end is higher because your payment does not consist of just interest, but interest and and 1/360th of principal on a 30 year fixed loan which is designed to amortize/payoff to $0.00 balance by year 30 or 360 months.Typically a rate around 4's will have a monthly mortgage constant of around .50% monthly (6.00% annual) or about $500 per month for every 100,000.Sometimes when the rate gets into the high 3.50% range the MC is around .45% per month ($45 per month for every 10,000 borrowed) so it doesnt vary much while at 4.50% 30 year fixed the MC monthly is around .507% or $50.70 per month for every 10,000 borrowed.I suppose all this technical speak means is that if you borrow money where the outflow out of your pocket is around 6% with interest and principal considered then you'll probably want to reinvest it somewhere else where you can get considerably higher rate of return on this cash than 6.00% atleast this is how I look at it.If you want to make 6% + 6% for cost of funds then you'll want an investment with a hurdle rate of 12.00% or higher cash on cash as an example.

I used mostly credit cards and borrowed money for the purchase down payment and rehab cost, and now that we're finishing up I'm doing numbers on payback and the next property.I want to keep up momentum and start the next project soon, but by my count, it will take me somewhere around 5-6 months to pay off all the debts I incurred in the process of purchasing and rehabbing the house (not including the mortgage). 

The owner can have the mortgage wiped but you still have deed to property and can still foreclose and take the property.

I was just wondering if I can go to another Bank to get another mortgage or do I have to wait a certain time period.

@Ramona Beyer,I agree with @Dani Beit-Or reply, the numbers make this a good deal, but however you have other due diligence that comes into effect to see if you should buy it (Location, Vacancy, type of tenants, etc) if you like what you diligence finds, then buy it.Now for your second question, i think determines what your interest rates are for you HELOC, if you would get better rates with a mortgage go with the refinance, also if your able to put some equity in the property you might look into a BRRRR methodCheers,Anthony

Check with the State regulator for mortgage activities and also the NMLS for the Statecthe property is in.

I'm looking for: investor/real estate attorneys, CPA, Mortgage broker, appraiser, inspector and contractors.I am in the suburbs of Chicago.

My question is do I have to transfer funds to my checking/ savings account and let it "season" for 60 days before using it for down payment/closing costs for the purpose of getting a mortgage?