If you want less leverage simply put down the funds you would use to pay down the 6.4% rate on the new property so you are at say 60% loan to value on the new house.

So what happened afterwards?

Hey @Chris Magistrado dont take that stuff so litterally.

Unfortunately, this reassessment is unavoidable, so you’ll need to evaluate whether transferring the property is worth the potential tax increase.If a Transfer Is Not Feasible:If the potential property tax increase makes the transfer impractical, an alternative option is for your father-in-law to secure a Home Equity Line of Credit (HELOC) on the property.

So I am looking to see if anyone has ideas about what options I should consider to gain more experience in real estate investing as I get my finances up to make my first purchase.  

The inspection report did not mention many of the expensive repairs I'm facing.For one, one of the units cannot even be rented until I spend at least $10k getting the electric up to code, among other repairs, so its been sitting vacant.

So, would you suggest doing this and putting him in 1st position, once the home is completed have him removed from 1st?

So I’m looking to leverage my current homes equity to use as a down payment for my next primary residence.

Hi guys so I have a question ?

It is in good condition and centrally located to shopping and the base so I'm surprise that it has been sitting this long.