Land Contract: BRRRR Options for payoff / cashout ?

[Adam Heseltine]

Back in May I put a SFH under land contract as an investment property (rental). I would like to do a payoff asap. I am also unsure of my options for this.

Here are the details of the property:

Purchase Price:  $85,500

Dwn Payment:  $40,000

Property Appraised Value:  $115,000

Property put on LC May 15th 2020.

1.  Can I take out a mortgage on this property for the amount owed on the LC so I can do a payoff?

2.  Could I take out more then what is owed on the LC to use for payoff and down payment on a future property?