I can do a cash out refi to access equity tax free and also have the option to switch the properties back to long term rentals if I don't want the extra work at some point.

So my credit is ****ed from old credit cards, but I have the option to pull equity from my owner occupied 2 family to repair it....planning on putting on an addition to current house and converting the garage to a rental..

Gary:  There are quite a few different options here, and you can get pretty creative. 

There are definite pros and cons to OOS, but you have to get laser focused on your goal and your resources to ensure you are investing for the right reasons in the right places.Pros: - more options to invest as you aren't as market limited- forces you to build a business and have teams in place to handle the day to day ops- can keep you emotionally less invested and hopefully help make smarter decisionsCons:- harder to manage because you are going to be managing property managers, contractors, realtors, etc but doing it from a distance.- harder to get things done at weird hours for emergency repairs or issues that come up- easier to get taken advantage ofAlways start with the goal first and make sure the types of properties, the market, the tenant/landlord laws, the business environment etc. of where you invest are actually aligned with your goal.

If you consider doing private lending, you can get most likely 8-12% or more a year.I understand that owning the property will come with its additional benefits, but you may want to consider some other options like properties closer to the 1% rule, minor value add, looking into wholesale deals, or assuming a loan from an on market property just to name a couple options. 

Thanks I would suggest interviewing lenders now for a general idea on terms and then solidify an option once you have located a property. 

Most lenders touch this but there are options.

I have to figure out if loan officers will consider it a problem that my Wyoming LLC is organized anonymously and they therefore cannot verify with the Wyoming Secretary of State what is the name of the organizer, as a lender could with a Pennsylvania LLC by calling the Pennsylvania Secretary of State.I still have the option to create the LLC using myself as the named organizer rather than my Wyoming LLC, but I would prefer the Wyoming LLC for asset protection and privacy benefits.

Hey BP community,
 
I’m currently renting a condo that my landlord has decided he no longer wants to keep. I’m interested in buying it, but I don’t plan to live here long term. Instead, I’m trying to figure out the sm...

Several down payment assistance options exist, and sellers are more amenable to paying closing costs.