Investment Info:Single-family residence other investment.

One thing to be careful with though is that if you go the personal loan route, you need to ensure your DTI is still fine and you will still qualify for your VA loan assumption AND the second mortgage.

I DO NOT care whether he drives a Toyota himself.

-Primary Residence. 

And who is taking care of the landscaping/snow removal? 

Do you have other collateral, such as another income property or your personal residence (last resort) your seller could record their lien against? 

As a resident (who travels a lot) I would say the Midwest does not have the attractions like palm trees & beaches (the great lakes are cold) or amazing mountain ranges, which often come with some disadvantages like high cost of living or hut/humid weather, stroms etc. 

Only way I would ever do it again, is if that contract is written much more carefully and explicitly.

The Taxable Value is uncapped and equated to the SEV upon a sale or other transfer of property ownership, with limited exceptions.Homestead versus Non-Homestead Millage RatesCounties & cities in Michigan are allowed to set their own millage rates, with one restriction – a primary residence (Homestead) is exempt from up to 18 mills of school taxes on their Homestead property.

The previous owner took exceedingly good care of the building and there was nothing that need to be done except to raise the rents.