Give me your opinion on this deal

[Micah K.]

I currently own 2 quads. One is in traditional financing and the other is in private money. I need to get the one in private financing in long term financing. My banker will re finance it out with no cash out at 8% 15 yr ammort on a 3yr call or He will refinance both quads and a sfh that is a REO @ 5.5% 20 yr ammort on a 5 yr call. Here is the catch, i have to buy the sfh with little to no eqitity. He is allowing me to Cash out a significant ammount with the second option. My terms on the quad already in long term financing is 6.75% 15 yr ammort on a 3 yr call. i am already 1.5 yrs in. The debt services is about the same on both options. the projected rental income on the sfh is about 300 per month net. tell me what you think.