I'm leaning strongly towards the fixed, even though it will add short term costs, for the long terms security of it.However, I also realize that it is very unlikely that I will make it that many years without wanting to re-fi to cash out and do other deals, even at the expense of potentially higher potential future interest and/or short term pre-pay penalties.Thoughts from experience?

Purchasing the property from her will cost you a few thousand dollars in closing costs, the the re-fi will have additional closing costs again.

I'll make sure to put it to good use.As far as the property in SC, I realize it is not realistic for me to purchase it over the web, as is and I am working towards establishing team / partners with boots on the ground.

May try to re-fi or sell outright once I get all the paperwork back.

I have been estimating an offer price based on an appraisal from 2010, which was independently done by a bank for a re-fi the owner did.

Brandon,You mentioned the banks don't want to re-fi; what is the sticking point with them?

@Jonathan F. I

I think your best bet is to shop re-fi rates for a cash out like Burke suggested.

I was looking in re-fi. 

What if you cash out re-fi the property (assuming it will still CF positive) and put that money with the $20,000 and buy 2 more property's or a multi family.