Person "A" took title to the property vested as a single person.

I was wondering if someone could give me the pros and cons from an asset managment and tax perspective regarding doing a cash out refi to purchase a rental condo ( for cash)Rates on owner occupied properties are about 2.625% 7/1 arm, whereas on a rental they are 3.5%, so by taking cash out of primary I get a much better rate.My understanding from a tax perspective is that, I can still take the mortgage interest right it off on my primary, which is similar to interest on rented property as it all goes to a persona 1040.

Should I give this person a call again to get their full information.Any tip or advice would be grateful!

While I haven't worked on several ventures at once as in your case, I believe the issue will differ from person to person. As

You will hear a lot of good ideas but the persona who will treat your money the best is you.

If the applicants are straw applicants or non-existent then the remaining tenants might not meet the income requirement and/or you could end up with a situation where a straw applicant has enabled criminal elements to occupy the unit.Sally, Joe and Eric apply for your unit, they pass and you rent to them.Later you find out:Sally and Joe moved in with Bob.Eric isn't a real person, he is a made up person, a stole identity basically, provided to you to pass the application screening.andYou find out that Bob is setting up a meth lab in the basement of your unit.I don't think that's ok as long as the checks clear.

Add a statement that the deposit remains $xx and will be returned to person a at the end of the lease per the original lease terms.

I loved that idea because it gives the person a reason to do a good job.  

You can sell it by yourself as unlicensed person.  As

I know you have stated that you are thinking about doing the management of the building yourself, does that mean you are going to stop using this person as the "unofficial manager" and increase his rent.