I am working with my agent to get a quality tenant downstairs in January  (waiting for the holiday season to end and start of the new year) Current mortgage is $2,800/monthRent I'm looking at getting is $2000/monthLooking to stabilize the property and consolidate my debt into a low interest rate 30 year fixed payment.

The stock market has been strong this year.Thinking about consolidating old 401k I have from previous employers to funds real estate.

=======Locate the septic feild(s)(s)(s).Have a scientific drinkability test on the tap water for any contaminates.Beware of big (and small) spiders in the basement.9 x 9 tiles are probably asbestos, same for the glue used to hold them down.Wiring and electrical panels may be at end of service life.Florescent lighting may be circa 1960 (I dream of Jeannie) lacking modern non-buzzing startups and be way to many for modern use (electrical hogs).Don't drink any of the water (or even get it splashed on you) without having it tested first.The building may have city water and well combination.Find all abandoned septic fields.Find out if the fire suppression equipment is up to spec with the local fire dept--inspections, types.Without a roof and with many broken out windows insurance may be hard to find.Paint--expect lead (the pealing type) of paint.Assume anything with capacitors-(HVAC, Florescent troffers, Kitchen electric motors, food service garbage disposals, etc.. )-the capacitors are bad--do not turn on until checked by a competent technician.Look for a basement.Look for fallout shelter(s)(s)(s) underground separate from the building (Duck and Cover Turtle era).Look for steam heat system and have it inspected for possible use or demolition.Look for abandoned wells, that may have dried up or were too contaminated to continue use.A phase 1 enviro would have been a good CYA move--you can bet any buyer from you will get one...Pay to have a written professional inspection done of the building to get a consolidated look at the things you will be facing.

I paid a couple points and was able to get a 2.35% interest rate while consolidating the HELOC and my primary mortgage into one lien. 

When interest rate is low you purchase multiple properties by overleveraging.When rate is high like this, sell one or two property and move to another one, basically consolidation or sell everything and buy to an asset that could generate two or three rentable unit.IN my case, even if interest rate goes to 20 percent I still have DSCR 1.0 in my primary because I have three rentable units in my single family.

Our lender told us to use our HELOC to pay off all credit debt to consolidate the credit cards and hopefully get a lower monthly payment.

If so, my unsolicited advice is to consolidate into one market and build scale first.Lastly, I agree with Jacob. 

If by 2027 Fed rate is still 4 percent , we would see lot of small biz getting wiped out , lot of debt sensitive company including lender would be out of biz, even oil and gas may tank as well , I do see lot of business consolidation by cash rich tech company only. 

The recent lawsuits, rise in mortgage rates and low inventory should hopefully consolidate the industry so that the brokerages offering cost-efficient, effective services will prevail.  

Thanks all Ashley - correct, no history of evictions - they have been living with the parents until now - credit is bad due to debt consolidation but I have yet to see the complete credit reportI am requesting more information from both the parties ; also hoping a better suitor but fingers crossed..