The repayment terms for a 401k participant loan are equal monthly/quarterly payments of principal and interest (typically prime plus 1%) over a 5 year term (longer if used to acquire your principal residence).Please note that if you take a full $50,000 and then pay back the loan, you can't take another $50,000 until 12 months after the first loan was fully paid back.Per the loan offset rules that went into effect with the 2018 Tax and Job Act: if you leave your job and the loan is current at the time you leave your job but then the loan goes into default because you left your job, you will have until your tax return deadline (including any timely filed extension) to make the loan current by depositing the outstanding balance into an IRA (and thereby avoid the taxes and penalties that would otherwise apply).Please keep in mind the multiple loan rules:Under those rules, the sum of the balances of a participant's outstanding 401k loans under a single 401k plan (using the highest outstanding balance of each loan over the last 12 months) can't exceed 50% or $50,000 whichever is less.

The double wide is less then a mile from a major highway. 3 miles from a major university.

I guess I should do my research, but last I read they were not even sure if they would do an entire new highway, or build upon.

The outstanding balance is $396,000 that is accruing interest of 9.75% on a daily basis as it is in default.

I know there are liens and outstanding debt that needs to be paid.

That should tell you if he has the right to sell the property and what outstanding debt there is against it.

Yes, we do have a property manager (my W-2 job is Enterprise Sales, so I travel some and also have 4 kids under 7, so life can be a bit nutty sometimes) :-) But the property manager is outstanding, and renting to the demographic that we do has created 0 problems the last 3 years. 

Congratulations on the outstanding appraisal. 

All outstanding and highly recommended.

However, if you work in Marlboro it would be hard to get through downtown Worcester to get out to the highway.