The investor's theory behind his suggestion was to use the 500k loan to wipe all debt and only pay on the new loan, I'm not sure if this would be advantageous financially due to my current debts monthly payments set at: LTR = 1900MTR = 1500HELOC= 550Vehicle = 850Total = 4800 monthly At current loan rates for 500k, and a 800+ credit score be a lower monthly than the $4800? 

We don’t know your financial position so only you can decide if this is right for you.  

Here's some copy & paste advice we hope you find useful:----------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?

The down side is the higher rate .5-2% above prime depending on deal and your financials.   

Great tools that get updated regularly.I am on the lending side of things and would be happy to hop on a call with you anytime to discuss financial strategies and help answer any questions you may have about nearly any loan product available to help you on your journey, even if they are not products my capital partners offer.

you don't want to set yourself back financially just to own something.

What Im looking for with REI.... is to find financial freedom, to build generational wealth, to bring my family together; my brothers,  my children, and their children into a business Im not only passionate about, but proud of.  

When we review Tenant applications that are section 8 subsidized we are struggling to get a good handle on whether a Tenant is financially fit.

I have skimmed over the management agreement and it doesn't really say anything specific in regards to who is financially responsible in the case of a squatter breaking in.

In the middle of trying to make the same decision (only from CO), and have learned that keeping the property is not financially wise since the ROI is low (<6%).