Ideally we wouldn’t buy if it didn’t cash flow in the first place so I’m picking nice round numbers just for simplicity.Loan is 240K 30 yr. fixed at 4.3%Monthly payments are 1,500 Rental income 2,000Cash flow is 500/monthIf we use the cash flow to pay down the mortgage faster we can pay down the mortgage in ~ 17 years and save nearly 80K in interest paid on that loan.

As to renting, the current financial model from a re-fi some years ago provides a negative cash flow.

You can also do a standard cash out refinance which will have a fixed rate. 

Then, you make the fixes as you can, raise the rents as applicable, maybe some capital improvements. 

Property in my brother name, mild Work too fix up been done on my part, move in ready.

Maybe not for you, but burn one or two beginning investors and word will get around about your deals and valuations.I would strongly suggest doing manual ARV's first, and then maybe checking your numbers with the automated model, and go with whichever number is lower.This may just be my own opinion, but I would NEVER trust the ARV of a wholesaler who told me the valuation was automated.

I'm currently looking for the best way to "get my feet wet" and I thought buying a fix-and-flip home may be a good way to do that and use the profit as a downpayment toward my first rental property.

I'm currently working under a general contractor by day, a job I took with the intention of getting into fix & flip, which will be my main strategy for the first while.

- If they're leaning towards fixing it up, ask them if they know reputable Fire Damage Restoration companies, that also renovate.

Fixed interest rate.