I'd like to have skin in the game on my first new deals.

I did have some difficulty with closing dates being rushed then postponed and a few errors on closing docs that eventually were corrected.

And as the former tenant had repeatedly demonstrated that he was, in fact such a person, it was for that reason only that I chose not to continue to do business with him.The opposing attorney belittled and scoffed at my reasons and insisted that I was actually a bigoted bastard discriminating against someone specifically because they were black.I asked the judge: Your Honor; I don't like the way this man acts, it has nothing to do with the color of his skin, he would be just as unpleasant to deal with no matter what color he was.

Everyone is correct about having difficulty making good money on the ones where there's a lot of people making offers.

We are far from spendthrifts.I appreciate the feedback, and just so you guys know, I have a thick skin, so continue to be honest.Thanks,Mike

We've had much difficulty finding a multi-family that we ourselves would considering living in until now.I know I'll be missing things for you to more accurately analyze the deal but I'm going to include the most amount of information I currently have and I look forward to you constructively picking it apart;)The property has 2 structures.

The degree of difficulty is much higher than it needs to be, but part of the underlying agenda is to cut out equity financing and bring deals into a bank.So, while these new regs will be a PITA, they also provide a large financial gain in the system.BTW, I do understand your resistance and let's wait and see attitude since you don't have a mortgage broker's license, if I were you I'd hope it wouldn't be necessary too, but much of the two recent Acts are pretty clear, doesn't take a genius to read them and say "Oh Crap"!

I would think you might encounter some difficulty renting if you are surrounded by vacant buildings.

For you, thus means you will have a little more skin in tbe game.  

This savings could translate into a higher return on your time since if you paid back your 49,200 and only have 20k left @12% interest lets say your month cost to hold the property is not substantially less in the absence of obscene closing costs or points.Option B:This may be an investors dream cash back 45k in your hands and a property with no skin in the game "infinite return," assuming you still cash flow with 120k of leverage on the property.A tenant would be paying your mortgage, taxes, insurance, and etc while you've retained the property, received 45k non taxable proceeds from the refinance since the asset has not been sold, and potentially making some income each month if the numbers work.120k @30 year fixed 5.625% is only about 690.79 per month and taxes and insurance I'd wager (depending on state) is probably 130 more.