Long term goal is single family buy & hold, and ultimately small multi-family buy & hold all in the NW suburbs (Woodstock, Crystal Lake, Algonquin, Huntley, etc), and to replace my FT income in the next 2 years.

I've also seen a recommendation to have the seller hold a note for 25%, I'd get the 75% loan and pay the seller back over the next 20-25 years....   

Li - you need to look into UBIT and UDFI - this will all vary based on hold period, debt ratio and depreciation schedule, if GP is doing an accelerated schedule you may be ok --- but you need to check all these parameters.

We might need to hold it a few years before refinancing and with rates on the rise, I worry that we'd get locked into a loan with a higher rate. 

We typically look at these as 36-48 month balloons on a 30-yr am schedule...7-8% interest...10-20% down...Alternatively, you could structure a lease with an option to buy....same basic concept but it works differently...contract for deed offers the seller the most protection because you hold title until the terms are satisfied...and there are a few variations of each...just depends on what you're comfortable with.

I would like to do the BRRRR strategy if possible, but at a minimum want to purchase a SFH buy and hold in my market.I have networked and lined up most of my "team", now trying to establish a relationship with a local bank in town. 

@James Walton Are you looking to buy/hold or flip?

If we're a week or so out, and they do want it, I will take a NON REFUNDABLE hold deposit equal to the deposit. 

Hello everyone,I am a real estate investor focused on buy-and-hold and recently moved to California.

If not the next easiest option would be to get a parent or someone else to co sign the loan.If neither of those options are possible I’d recommend putting this on hold until you graduate