KC is similar to Minnesota.  2 major sports and a thriving arts/entertainment scene.  

For example, income 2 1/2 to 3 times ratio to rent, credit score minimum of 690, no evictions in past 5 years, no outstanding collections of $1000 or more.Have each adult married or not  fill out an application and go through screening process.

But I'll assume you already know that and entertain the question.As @Chris Soignierhas correctly informed you, rentals offer the most tax benefits.

The bank will happily entertain your application for new terms - - you are an existing asset on their books and what they want is to update the rate.FORGET prepayment, the penalty is designed to discourage you from that - - clearly.Start your refi 6 months before  the note comes due and by all means, go back to the same back where you settled the first time. 

Thanks for the entertaining read everyone!

I am hoping to buy a property to demo and rebuild into either an adult family home or rental. 

It's Gordon square, all the young and hip adults want to be there.

Run a report on each adult in the house married or not.  

I'm wrapping up a flip in Royal Kunia tomorrow, but I entertain both upper and lower areas - actually the whole island and beyond, lol.

Contract is signed but sellers lawyer won't release it without receiving initial funds of $95,000Buyer may be willing to entertain borrowing more from hard money.