However, that won't work for several reasons:  1) The lender is not going to finance the $15k assignment fee2) The lender isn't going to consider the purchase price in this example to be $150k, they would typically use the $135k price in the original contract, and 3) In this particular example they may not even use the $135k price because it's not an arms-length transaction since it ultimately boils down to a deal between you and your father.I applaud you for trying to be creative, but ultimately what you're proposing isn't going to work and it's going to make the transaction a lot more complicated than it needs to be.

I am originally from Chicago too and just bought a condo there as a second home for personal use.    

Maybe if rates drop a bit and the market improves they can either try to refi again to pay us back or original investment or try selling later down the line. totally regret doing real estate at all - this is out of my expertise and I’m paying the price

Originally posted by @Chuck Hattemer:Hi Amit, I do apologize if I came across the wrong way.

(to keep things simple)Property was primary residence for Person A from original purchase until 01/2020.

Or would it simply be better to stick to my original plan and just go out of state?

Appliances and fixtures were old and tired.Basically, the core bones of the property were good, but there were a lot of things that seemed ripe for easy improvement.The location was great, right next to the town’s primary commercial district, with a grocery store 100 yards away, coffee shop/bakery, Post Office, drugstore, hardware store, hair and nail salons, barber shop, dentist, bank, a half dozen restaurants, and a variety of other shops and services.

Wouldn't advise tying payments to only the original price, should also be tied to portfolio retention - otherwise you could lose all the doors you bought while paying out all the revenue to the seller and your expenses. 

@Samuel It is my understanding that you can recast the loan if you make a large payment which should keep the original low interest rate and give you a new adjusted, lower mortgage payment going forward.

Originally posted by @Cameron Price:Originally posted by @Andy Holland:Yes this is true,Technically the tax rate goes from 4% to 6%.But in real life is is equal to an increase of around 3 times that of an owner occupant.