Purchase home to rent....Loan, equity
I'm thinking of purchasing a house I'm renting. It's a small 800 sq ft, 2 bedroom, 1 bath. Total lot at 2750 sq ft. Plenty of work needs to be done, which includes roof, and windows. By the end of the year, I'd like to rent it out. Now my question is, what type of loans should I look into, and do I use the equity from this house to purchase the next house for me to move in? I would keep the 1st house as rental property.