Because after purchasing the new rental for $700K that leaves them $300K initially, so take $260K to pay off their mortgage, and still enough left to cover a good chunk of the taxes owed. 

When they sign the lease, it is one of the five key points highlighted on the first page that they have to initial.

One thing that did provide some reassurance is that we took the initiative to verify they own the property through a county property search.

Initially they said they would make payments to me and crap like they have millions in assets, just no liquid assets. 

Is it better to keep adding equity by doing work on the houses while I'm renting them then refinance to recover the initial down-payment to reinvest into another property or to pay down the heloc?

As a result, we have significant water damage to the floor and rugs in that 2nd floor bathroom and a bedroom, plus there is even more significant damage to ceilings, walls, furniture, and rugs to 2 bedrooms on the first floor.Our initial goal is to dry as much water as possible with wet-vacs and dehumidifiers.

With Baselane I have the ability to do everything from initial vetting of the tenant to drawing up the lease to collecting rent (and issuing deposit refunds!)

.), and continue to educate myself on NOI, Cap rate, cash-on -cash return etc.BP community, I am open-minded, willing to take initiative, always willing to be taught something new, but also ready to share any experience or knowledge I have that can help someone else. 

As a result, this isn’t the kind of market that attracts top-tier PM talent.Your best solution might be to either:1.Take on self-management if possible (and if you’re willing to put in the time/effort).2.Find an individual you can trust to handle these properties, set up very specific instructions and processes, micro-manage them initially to ensure standards are met, and compensate them well to make it worth their while.This approach requires more oversight on your part but can yield better results in markets like this.

The Fed’s cuts in 2024 initially moved mortgage rates downwards to their lowest level in nearly 20 months.