That would be mortgage fraud and a felony. 

However I have had to replace some major appliances recently which had put my in the defecate and added to my motivation to sell (Hot water heater, two refrigerates and a washer/dryer).

With your experience and a clear goal to build wealth and transition into multifamily commercial properties, you're on the right path.

Their most significant risk is an injury lawsuit that will either be dismissed or settled out of court by their insurance provider for well below the liability limits.If a mom-and-pop investor obeys the law and treats their tenants honestly, they'll never have to worry about asset protection beyond ordinary insurance and a small reserve. 

Reasoning for asking this is that it could potentially be a beneficial long play on acquiring a property through assumption, and as we go down in interest rates, utilize this monetary benefit to refi as it comes at a mere .5%.

If you value short-term savings and a lower initial payment, Option 1 works well.

@Brett Jurgens,With strong equity and a good tenant, you have a few options:Cash-Out Refinance: Offers lower, fixed rates for stable monthly payments and lets you keep the property while using equity to invest in another rental.HELOC: Provides flexible access to cash, though with typically higher, variable rates that can fluctuate over time.1031 Exchange: If you're open to selling, a 1031 exchange could defer taxes and allow you to trade up to a higher-value property or diversify into a different market.Each option has pros, so it really depends on whether you want to hold onto the current property or leverage its value for something new.

We're very in the beginning of the thought process of how can we see family more often without it costing an arm and a leg. 

AlabamaAlabama residents enjoy a low cost of living and a thriving economy.

These plans call for six blocks, with buildings totaling 2.5 million mixed-use square feet, and a renovated 14.2 acres of open space with brand-new amenities and improved access.