Prospective property

[Adrian Smude]

I'm looking to get a second, third, etc set of eyes on this deal.  I do not have any numbers on terms because I've done all that math and that cash flow works.  This will be the third loan in my wife's name.  Does anyone see any potential issues with this deal?

Purchase price: $105,000

down payment to bank: $21,000

Seller 2nd mortgage: $20,000

$105,000

- $21,000

= $84,000

-$20,000

= $64,000

Total Bank financing $64,000

Seller 2nd mortgage is moved to a different house.*  Now total debt on home is $64,000

After 6 months of seasoning Erin does a Cash Out Refi.

Assuming the home is still worth $110,000. 20%LTV is $88,000

$88,000

-$64,000

=$24,000 Cash out  

* This property will be purchased by my wife, the mortgage will be moved to a property in my name only.