Question for the knowledgeable?

[Patrick Wright]

Ok... My Brother has a condo/townhouse 2b2ba rents currently for $650mo.. He owns this property with a partner 50/50. They have owned it for 2yrs.. same/current renter for entire time. They are wanting to sell the property at this time. Selling it for $45000. They offered it to me for 35k..

I thought about taking a cash out refi.. on my home.. only owe 89k appraise for 299k.. take a loan..for 140k.. buy rental.. and do some remodeling onnmy home.. the rent.. would almost pay my mortgage.. your thoughts.. oh . There is an $150mo. HOA on rental.