That said, the principals are very old.

The principal and interest payment at 6%  is $730.20 ( plus taxes, etc.).

That said, we like any business do get a few clients who operate on the "ready, fire, aim" principal. 

The terms of the agreement are a 15% promissory note secured by the property with return of principal and interest in 9 months,Just wanted to get your guys thoughts on this and if anyone has had experience with this before?

@Vivek ShahBack in 2017, Fannie Mae quietly announced a change that allows transfers to LLCs under certain conditions:"The mortgage loan was purchased or securitized by Fannie Mae on or after June 1, 2016, and the LLC is controlled by the original borrower or the original borrower owns a majority interest in the LLC, and if the transfer results in a permitted change of occupancy type to an investment property, such change does not violate the security instrument (for example, the 12 month occupancy requirement for a principal residence)."

The principal parts reduce your cost basis.  

WHEREAS, pursuant to said Declaration, there is claimed to be due and owing as of the date of this Notice by Jacob Szyperski, as unit owner, to Prairie Bend Association the principal amount of Two Thousand Seven Hundred Thirty-seven Dollars and No/100 ($2,737.00) for condominium assessments, interest and past due attorney fees through March, 2019; and no action being now pending at law or otherwise to recover said debt or any part thereof, and; WHEREAS, pursuant to said Declaration, and the statute in such case made and provided, said debt creates a lien upon said premises in favor of Prairie Bend Association.

Update: After 3 years of owning this property I decided to sell it, through forced appreciation and a natural boom in the Ontario housing market was able to sell for $424,000 and walk away with a $200K Profit (Tax-free due to principal residence).

Renters were government subsidized, so I could limp along and pay down the principal with rental income, but the values are never going up again. 

I am wondering if some of the basic principals of BRRRR can be applied to acquiring small businesses.