Turns out one was a computer gambling business and the other was an e-cig business.I don't care why the applicant doesn't want to tell you, but if I don't know the business, I don't consider the application. 

Send your son a s/f from a random internet stranger.

Taking legal advice from the Internet is a questionable business practice.  

Yes, it's also quite likely the internet lender is just throwing spaghetti at the wall to see what sticks.

if down the line the condo market in this area picked up".That sounds like a big gamble, right there.

Make sure your insurance is up to date and revel in the "rent for empty property"Not legal advice just the ramblings of some dolt on the internet!

where were you when about 200 plus families in La I had to foreclose on and take their investment property from them.. its a nightmare I am not saying no debt its not realistic until you get to a certain level but having free and clear assets is a choice and no one can take them from you..I am a gambler anyway I gamble on appreciation every day.. and value add..so maybe I am not the best to have this argument with.but when I look at the truly wealthy friends I have and I mean truly wealthy  not 7 figures but 8 figure to 9 figure net worths most of what they have is paid for it not all.. unless they are in big syndicated deals.. houses are paid for second houses... house s at the ski areas the lake front homes.. etc etc.. but I guess I am just more in the limit debt camp for long term liabilities..

I have been finding it more difficult to source deals through the mls and beginning to move my strategy elsewhere (direct mail, internet ads, etc). 

I am new to the site and thinking about upgrading, but like so many things on the internet at 65 I am a bit confused. 

The other assumption or gamble here is over time the property will appreciate and rents will increase to a point where I no longer am losing on the investment.