I like the idea of the wrap mortgage and the capital that it can make available.

Cash out: $45,250$6,250 still in the property.... principal and interest $719/monthCash flow estimated at roughly: $250/monthScenario #2: 80% LTV cash out refi at 4.25%... 5/1 ARM mortgage.

I spoke with a mortgage "quality auditor" recently who said he knocked on 600 doors last month.

My question is, since we may not need to borrow anything to finance this, will the mortgage payment be affected? 

Plus I feel confident that any mortgage company will send you a notice telling you to get insurance.

Don't do a 15 year mortgage if you're worried about cash flow.

The mortgage is secured by the real estate.  

The current tenants are month to month and not interested in buying, and the existing mortgage balance is assumable (3.65%) for qualified buyers.I know it's a great house -- and with the assumable mortgage -- a great buy for someone looking to save with current interest rates sitting as they are. 

Hey Aaron, have you considered a commercial mortgage from a local bank like First National or Bangor Savings Bank? 

We are on the edge of mortgage rates getting ready to decline and home values in many states are growing.