We are looking to get this refinance for a fix rate 30 years and purchase another property.We went to a LO but were declined due to lack of income as they have retired.

@Clifton Durant, Have you listened to this week's podcast yet?

you have the right idea, carry your profit in a note from seller, create a new lo agreement from seller to tber, 1 closingOr get a partner w good credit@Jay Hawthorn

The tenant paid a L/O deposit and pays $1080/month.

Hi Everyone, I'm a big believer in trying to simplify things, and I love the idea of controlling property without owning it.Just curious what everyone thinks of using a long term L/O with very small Option fee and no rent credits to control property, but then just straight renting the house for cash flow rather than doing a sandwich L/O.I'm not sure if the spread would be too thin, but my thought was I could do a lease for the PITI amount and then cover expenses up to say $200.  

I will just use LO for 'lease option' here.  

If you LO a multi-unit then your asking one of your tenants to be a landlord to the other units.

Sounds like a) your lender did not do their job upfront and manage your expectation or b) your LO never reviewed all your info upfront or worse he/she reviewed them but did not know what they were doing.

Unfortunately all LO's and lenders are not created equal.  

I'm using places like http://www.zillow.com/homedetails/2201-India-St-Lo... and http://www.zillow.com/homedetails/2665-Benedict-St....