Cooper, absolutely will not allow him to recast his mortgage even though he has over $100k in equity in a property where his note is less than $250k.

Related: Is it possible to do a convertible note when lending on a deal?

Hey Becky, I see your note about cash flow being lower on the north side but appreciation being significant.

Hi Folks - Thought I'd make this a sticky in the "New Member Introductions" Forum. 

In this scenario it's probably easier to do a collateral assignment of note and mortgage than trying to find a lender for a portfolio that size.

.* lis pendens is not just a note but a recorded cloud on title that there is pending litigation.

Also note that Rabbu does not take cleaning costs into consideration, so that will lower it.

Again, if you plan on retiring on this income, that is a risk you need to consider.Lastly, as another posted noted, you can buy cash today, and if there is opportunity to renovate and increase your yields on the property, refi later, once you have the property stabilized.

Quote from @John McKee: IF you took your 600K today and put it into mortgage notes at 12% you will have $72,000 a year or 6K a month in cash flow right NOW! 

Has Charlie Adams responded to your email when you sent your promissory note?