Hey everyone looking for some smart insight and possible guidance please.

@Japeth Carter, You should be checking Pat Flynn's Smart Passive Income website for podcast resources.

Doesn't matter if you have a legitimate subservicer handle the payments for you, if you are not on the loan, its a subject to and is not allowed the the noteholder.Upside - The person "Assuming" the loan gets a loan without qualifying and without paying for the cost of doing a loan.The person (not smart) letting someone "Assume" their loan, hopefully is doing it so they can get out of the payment obligation but, apparently isn't smart enough to realize (Or is but doesn't care) that they are on the hook stillDownside - The person assuming the loan can walk away any time they want with no liability, leaving a mess for the borrowerThe person assuming can never get information on the loan from the servicer/lender (Yes, we all know the seller can send the statements.

There and a great many very smart people on BP so please tell me what I am missing or if I am right to see the coming apocalypse.

@Xela BatchelderIt is smart that you are planning your exit refinancing now.

I try to live by this philosophy A foolish man makes a mistake and does not learn and repeats the mistake.A smart man makes a mistake and learns not to make that mistake again.A wise man see other makes mistakes and learns from them how to not make those mistakes in future  I hope that some will help make me wise!!

Living in this situation gives you experience in owning and taking care of property and learning about dealing with tenants.You're smart to want to network with other investors as that is the 2nd most important thing you can do besides increasing your education.

FYI, the property is around 800k and my lender said I do qualify with a 15-25% down payment.Also, is it smart do a deal with 10% down since I know you will need PMI?

@Mike McCarthy Super smart because that’s really what it is.

I think that's a smart move on you part Joe.