Or a principal residence?

We will receive title to the property, Sellers name will remain on the existing mortgage until we resell the house, refinance the existing mortgage, or pay off the property’s remaining principal mortgage balance.

I read some of this.Point number 1: Unless the agent is a principal broker they likely DID NOT get all of that 10k commissions.

If that loan costs you 6% principal + interest, that's about $11,500 per year in mortgage payments, almost $1,000 per month.

With 2M in equity you never have to work againTake your 2M put it into a quality income fund and kick back with a solid 6 figure annual income and never touch your principal. 

Turns out he's the numbers guy and principal investor, whereas the guy I spoke with before is the store manager/sweat equity partner.

So those who are investing in Real Estate and only looking at cash flow while ignoring principal pay down are in my opinion missing the boat.

They do this to true-up customers so they can claim that "no investors' principal" was lost.   

Sec. 301.7508A-1(d)(1), the term “Affected Taxpayers” generally includes parties that may have difficulty meeting the 45-day identification or 180-day exchange deadlines for any of the following reasons: The relinquished property or the replacement property is located in Presidentially declared disaster area;A party to your transaction has their principal place of business located in a Presidentially declared disaster area.

How much of the principal will you have paid down?