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This can be as complex of as simple as people want it to me. If you run it as a business and you show a taxable profit while keeping the LTV low there are not too many risks. I say, not too many in that the risks should be things you can handle.

Cashflow keeps you in the game. Not trying to maximize the debt levels is a good idea. If you want to push the edge, make sure you keep ample cash available for the unexpected.
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