But Cost Sen studies have been so over sold, it may fetch you a better price, or terms, other things being equal.  

A line of credit is adjustable rate with interest only payments that will have a "draw" period usually of 3-5 years for investment properties (usually 10 years for primary home) then will amortize over the remaining term after the draw period.

Over time I have amassed a good quantity of houses with no mortgages.

I like this idea because it reduces the potential vacancy I could have by doing a short 3- to 4-month lease that ends in April or May, then starting over with a year lease.

Example: Absentee Owner-owned over 10 years-and the search area you are wanting to stick to. 

Do not overly complicate the letter, or you will scare sellers and tenants.I want the tenant to sign, of course.

We accomplished that within a few months, and five years later we were doing well over $100 million per month before we sold the company.To get there, we hired top originators from our competitors. 

If the market is tough, I reduce the rent rate over the full 12-month term.

That means I have roughly enough for cash to close, but no reserves left over.

So, things change a bit.If it is his personal home, there are more restrictions.For an investment property, if you take over his financing, read through the deed of trust (mortgage) and see how they handle transfer of ownership.