@Jeffrey HolstI was debating which way would be quicker for the lawyer, so that is helpful.

It tends to appreciate quicker.. which is easier equity.  

Hey BP friends,I'm putting together an excel sheet to calculate potential rental property deals and wanted to ask for some insight/criticism/refining regarding my monthly expenses.So far I have the following:Mortgage: $350*Vacancy: 5%Maintenance: 10%Management: 10%Property Tax: $210*Insurance: $100*CapEx: 10%*based on my price range in Arlington, TX.I have to say they have added up much quicker than I expected (which I was told would happen).

It was a slow start but now it is moving at a quicker pace. 

I invested in a semi-professional camera with an ultra-wide angle lens and I don't regret it.It cost me around $1,000 and I already got that money back by attracting more tenants quicker.

The thing I have reminded myself that getting your ducks and a rows and systems in place is very important. if you keep at it, and keep trying it will get you there quicker than you ever imagined.

If the LC has not been recorded (common) in most places you don't have to foreclose if they don't make payments, but can just evict, a much quicker procedure.

;) That being said, it's a goal of mine to have it paid off much quicker than the loan via REI. 

If you owner finance, you may have to file a foreclosure to remove the purchaser not the easier/cheaper/quicker entry and detainer (eviction). 

I believe I can find properties quicker there that will cash flow and the purchase price is about a 1/3rd on average of what I would pay in the Phoenix area.