Example:Purchase Price $650,000Down payment $162,500 (25%)Loan Amount $487,500Interest Rate 5% APRAmortization 30 yearsMonthly P&I payment $2,617Cash Flow = $3,580 Rental Income - $2,172 Monthly Expenses - $2,617 P&I = - $1,209 (Negative CF)When you look for good deals the Rental Income should be as close to or better than 1% of the Purchase Price. 

Based on the data you provided you should be able to find a mortgage loan for a higher amount.

This business has an unlimited amount of variables.

We do have some cash, not necessarily "piles of cash" haha but a good amount to get started.

We could live In the 2/1 and pay only $800 per month, but we need the bigger space.Not only is our monthly expense spared, but we've built a substantial amount of equity in the house as well.

A hard money lender gave me this quote and Im trying to figure if its a good deal also, its on a 2 fam building in upstate Ny, if anyone can give advice please respond to me publically so other people can lean as i am. thank you. im going to try to post this on other threads because its time sensitive Loan Amount: Total loan amount of $63,750 or 65% of After Repair Value, whichever is less (Subject to appraisal, inspection, applicant interview and additional underwriting.

This helps me a large amount in figuring out at least a reference point to work from as I figure things out.

You can consider wholesaling or use it to partner with another investor or two although that amount might be too low for some.

This means that they will not cash out refi a property based on the appraised value until you've owned it for a certain amount of time. 

I may depend on the amount of equity you have, I only did it with properties that I held 100% equity.