BRRR buyers and conventional loan terms

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It's completely dependent on your strategy. If you're buying property for the long term play you'll get a 30 year conventional most likely. Maybe you need a 5 year commercial and plan to sell before the balloon or REFI again at that time. If the market is growing around the property and appreciation is big you ADJUST. In my opinion it's smart to track the numbers and practice different scenarios. 

None of this matters if you don't buy right, utilizes the tax advantages, or don't have a long term plan.