Also make sure you are carrying significant liability coverage.

If I am utilizing a LOC against an investment portfolio @ 4.25% Interest with no term, and financing the entire deal, would my Cash on Cash be determined by dividing my annual revenue by what I paid annually to carry that LOC debt? 

That would be sweet.You actually carry over your old basis from the old property to the new property. 

If you are buying from someone who is helping you out than see if he will carry the notes.

I guess one way to change that may be to lock them up at the house and have the tenants carry them to and from the dock in the future. 

VA and FHA are 2 of the most expensive loans to obtain and carry. 

It appears the owner is willing to carry a second mortgage.

I tried to refinance the property to a conventional mortgage, but because I carry some debt and because I am earning about 1/3 of what I was making before I relocated (which was expected), financial institutions won’t refinance the property in only my name.Side note, my credit isn’t the issue.

There are more than a few people on here who don't believe in owning anything outright and carrying maximum debt load on everything.

My thoughts are that the seller, if motivated could carry the note much more easily than anyone else.