Cash Out Refinance and how to buy a duplex to house hack no w2
Hello, in 2017 I sold my small farm to travel the country in a RV for a few years. With the farm money I bought 2 quads in TN for 125K each in TN. Now I'm back and am doing hard money 5% 30 year fixed cash - out refinance on one of the quads for $105 or more since the appraisal came back higher than I originally thought. The appraisal came back at 210K each. Due to a crappy PM the past few years I need to put in 10-15K each for repairs etc, and up the rents to market value. The reason I wanted to get a loan.
I found a duplex that I would like to house hack. Asking is 95K. It just came back on the market after pending, because the buyers had a contingent on the inspection. So they backed out. I'm trying to find out what the report said. So, I would like to buy this, and turn the upstairs into a STR, the area does support this, its very touristy and I researched Airbnb, etc. On Deal Check very conservatively, I can expect to clear around $375 a month, after mortgage, expenses, etc.
So my question is how to buy this? Do I get max cash out with my hard money loan to buy this cash? I don't know what the repairs are yet. I will explore seller financing also. It looks like I have a bit of leverage since it just fell out of contract.
Do I try to get a regular bank loan? Ive always been self employed, so I don't make anything on my tax returns. In fact I'm still negative from carry over from 2009, real estate crash, I think that drops this year.
Please help and Thanks!!!