Is it wise to set up a 5 or 7-year fixed rate balloon term with this lender. 

And keep the rest of the cash for 1 more rental, our self, for emergency funds, and too spend some wisely ?

@Jeffrey LeeNot sure about loan wise, but that is a great idea! 

Hey Everyone,I am 26 years old and own my own three bedroom condo and househacking one bedroom. My next goal is to put 25-30% down on a 200kish condo in order for it to cash flow as I live in an area with high ticket ...

@Marla McNear You are making a very wise decision.

How much more should I BID percentage wise.

And keep the rest of the cash for 1 more rental, our self, for emergency funds, and too spend some wisely ?

I feel it has worked out due to pure luck (appreciation wise), even though it has a neutral to slightly -ve cashflow.

Take the time to interview and choose wisely.

If he does so, offer to give him a good reference.I cant imagine talking to a lawyer over 50 bucks.. just take the check.. write them a nice letter and tell them that the late fee should be on the next rent payment.I have seen so many landlords step over dollars to collect pennies.. you going to evict someone over 50 bucks and now have vacancy with the risk ( depending on your area) that comes with that and the lose of rent.. this to me is just not wise move..