Bank One moved me to Tampa in 1996 and I've been here ever since.

Alex, here’s a side-by-side breakdown of the three main paths you’re weighing:OptionStructureMonthly Cost Example*When It Works BestTrade-OffsCash-Out Refi @ 6% Fixed$150K loan, 30-yr amortizing~$900/mo (P&I)Lock in predictable debt, scale now with a lump sumCash flow dip on current rental; if tenants buy soon, you’ve put long-term debt on a property you won’t keepHELOC / Line of Credit @ 8% IO$150K full draw = $1,000/mo, $50K draw = $333/moFlexible: pay only on what you useShort horizon (tenants likely to buy soon); need capital fast for next dealVariable rate risk; banks can reduce or freeze linesHybrid: HELOC + DSCR Loan$50K HELOC down = $333/mo; $150K DSCR loan = $900/moTotal = ~$1,233/moScale into 2 properties: use HELOC as down payment, DSCR finances new rentalSlightly higher combined debt load, but DSCR only qualifies if new property cash flows, so growth is protected*Based on a $200K property value, $150K loan (75% LTV).Key Philosophy:Cash-out refi = certainty.HELOC = flexibility.HELOC + DSCR = growth.That way you’re not just pulling equity — you’re turning it into more doors, which is the whole point of scaling.

That’s a great way to use OPM because the bank is funding the purchase and your tenants are paying it off.Personally, I'd leverage the VA loan and figure out what sort of investing you'd like to do.

Hey Congrats on getting started That first flip is a great way to learnI’m a real estate bookkeeper and investor and I’ve seen a lot of setups The cleanest way is to set up a separate LLC just for this project That way everything stays organized and it’s clear who owns what and how profits are splitIf it’s more than one person you’ll need a partnership tax return Make sure you open a bank account for the LLC and run all money in and out of there including your funds and the hard money loanAlso make sure you’re tracking everything from day one That means what each of you put in what you spend and what you make This makes tax time a lot easier and helps you see if the deal made moneyFlips are taxed as regular income so keeping clean books helps you catch every deductible expenseLet me know if you want help getting the books set up I do this every day for real estate investorsGood luck with the flip

Biggest challenge though was the even though the county recognized it as a SFR (title deed removed) the banks and insurer still see it as a mobile home.

If you ever need to move quickly on a value-add deal before the banks are ready, happy to connect and share what leverage looks like on the private side

With inflation pressures easing and employment faltering, the central bank may shift its emphasis from price stability to labor market support.

Please make sure s/he does not have the ability to pull funds out of your bank account to pay bills. 

Then ask both the realtor and the accountant who they recommend for legal and commercial banking.  

Hey Jonathan, Did you work with a local bank on this deal?