Lenders look at creditworthiness/balance sheet/track record and the collateral in determining the leverage they will offer.

My plan is to buy the house subject to their existing mortgage, renovate the property, refinance it and pay off their remaining loan balance using the money from the cash out refinance.

I would like a payoff planner that helps me navigate the various maturity dates and interest rates of my (15 due in 5) mortgages so that I gain the best financial advantage when paying down principal balances. 

Thank you for your  advice.Much appreciated.There is always a balance between risk and reward but a dogo is a big powerful dog and it does worry me.

Focus on areas like Mesa, Tempe, and Central/West Phoenix for the best balance of affordability and rental demand.

Capital gains are calculated as:Sale Price - (Original Purchase Price + Capital Improvements + Selling Costs) - depreciation (if applicable) = Capital GainYour mortgage or HELOC balance does not affect this calculation—it only determines how much cash you take home after the sale.In Massachusetts, if the home was your primary residence for at least 2 out of the last 5 years, you may qualify for the Section 121 Exclusion, allowing you to exclude up to $250,000 (single) or $500,000 (married filing jointly) of the gain from federal capital gains tax.

I was dizzy and off-balance for weeks following.

The 5% of the remaining balance late payment fee is a little much IMO. 

The $1M is the remaining balance of the purchase price.

Given that the property was worth $390K in its current condition, I saw an opportunity to make the numbers work while keeping my upfront costs low.Instead of increasing my cash offer, I negotiated a $25K down payment with the seller carrying the balance for two years through owner financing.