Just to clarify, I purchased this rental property with 100% financing—$209K from a conventional 75% LTV loan and $70K from my HELOC.

@Michael Goddard sounds interesting... 

Hey there - i am interested in investing in a secondary or tertiary market soon.

You can't actually pay it off directly because they've been securitized, and the people who invested in those securities did so because of the specific certainty of the payment schedule.What you do in a defeasance is use the proceeds of the sale or the funds from your new lender to purchase treasury bonds that are packaged to make the exact payment amounts and timings on the remaining term of the loan, and then assign those bonds to your old lender.

Hi all-Getting close to closing on a prop about 90 miles from where I live. 

I can learn from this group and allows me to have a possibility to have a better future.

Quote from @Jay Papasan: Quote from @Jose Alonsoo:Good after noon real state family.I have an opportunity to but a sub to property right now.

(This assumes you have a credit card available to pay for any repairs.).

Adjust cost basis - This is the purchase price, plus capital improvements, minus depreciation.

This is an Interest only loan product that typically lends at 65% ARV.