Just a worthless piece of paper that validates a promise (legal obligation). 

Brett,I have never heard of that company but any reason why your not using an FDIC Bank or well known lender? 

There are a couple of companies out there that will let you do a cash out refinance with no income!

So I contacted the tax collectors office and was told there was a legal loophole and that since the building had been owned by a non-profit for part of the year it would receive tax exempt status for the full year.

And Jerry is a Wyoming attorney, so you can trust his legal advice! 

While this is a great and highly motivating goal, most people are either clueless or incorrect in their belief as to what is required to obtain this “lifestyle”.Understanding of the “how to” get there is further obscured by the misleading, and often patently false “pathways” sold by real estate educational MARKETING companies as workshops, upsold to association memberships, upsold to mentorships.

I understand this is not a requirement, but I have never received a damaged unit from an inherited tenant or any legal issues.

The substitute of collateral was more of a scenario where you sold for $155K, and instead of paying off the $88K loan in your scenario, those funds stayed at the title company and were used on a cash purchase happening nearby in date. 

I would manage at first to learn the ropes, and then probably use a management company. 

@Daniel Cacho I’m 35 years old, have been in the game for over a decade, own 26 doors, run a property management company with 350+ units, and operate a realty brokerage with a small team of agents.