But ya have to make some educated prognostications in life.Add this to the information your processing - What your talking about doing is eliminating around $4000 or interest expense (which is deductible anyway so really could be a real impact of eliminating $2800 or so) of debt in exchange for paying over $10K in capital gains tax (don't forget possible state gains tax as well).  

MUCHHHH better and of course that leaves us with plenty of room to pay the mortgage payment so the lender is happy.Btw, I just wrote the Co-Living book for BP that comes out in Spring, you can sign up for it here!

Having owned property in rockford its not a great appreciation area so getting a HELOC will probably take 5-10 years based on loan pay down and maybe some slight appreciation.

Currently we do about 10 wires a month, Chase charges $30/wire unless we keep a lot of money in there, which we have been paying.

It's a great way to get into a property without needing to pay a large down payment. 

Louis went from $595 to $800 per month in rent.

@Jennie Berger The RS-3 Zone allows for Single-Family residences & 2-Flats as "Permitted Uses"; however, the RS-3 Zone still requires 2,500 sq.ft. of lot area per unit (i.e. 5,000 sq.ft. for a 2-flat) unless the lot meets the exception for the characteristic of the block as previously mentioned by Nicolas; then it can be reduced to 1,500 sq.ft. per unit in order to construct a 2-flat.

We're trying to decide whether or not to pay it off or save to buy another property. 

These folks have higher paying jobs and many only need a rental for a year or two.

Click on that.Or, click on my name and that gives you a link