Leverage: The Amplifier: 80% LTV means a 10% property appreciation gives you 50% return on your investment. But a 10% drop cuts your equity in half. The Danger Zone: Interest rates accelerate above 90% LTV. Tiny equity, massive payments, one bad month from trouble. The Math That Changes Strategy: Two investors, same property: 30% down at 6.5% vs 10% down at 9% = $563/month difference, $6,756/year extra cost. Matching Financing to Strategy: Flips optimize for total loan cost over hold period. Rentals optimize for monthly cash flow with lower rates. The Refinancing Power Move: Buy with higher leverage, improve the property, refinance at better terms based on the new appraised value.