Your new monthly payment will dramatically decrease from what it was before.

Would be great to get that $260K equity boost obviously, while still living in one of the condos.The project is a 203K and I understand that it's possible to do a condo conversion if you have an FHA loan:https://portal.hud.gov/hudportal/documents/huddoc?...

EDIT TO ADD: I probably would have left in a dramatic fashion like that though!  

Today, getting a mortgage is a pain in the ***, and although there are non-traditional lenders who have filled the sub-prime space (thank you fellow members), another real estate crash seems very unlikely as foreclosures will probably never again be as dramatic than 2008. 

Once they are paid off you will get an income boost as well.TK is another strategy, but like @Andrew Jonhson said, how do you reload to purchase your next property.  

check out the article if you are interested.http://www.prnewswire.com/news-releases/seattle-renters-need-biggest-income-boost-to-keep-up-with-rising-rents-300436419.html

Could mean an economic boost to the area and steady market of qualified renters.Requesting a copy of the current lease is a good idea.

On the other hand, a lot of people have made money hand over fist (lots of them are here in BP) on the West Coast *despite* any policies, and these policies haven't stopped property values from rising dramatically.

Doing this will increase your credit score dramatically.

In six months, the water pressure falls dramatically, due to sediment from old galvanized pipes plugging inlet port of new water heater.