We took a look at the home and it seems to meet the criteria we are looking for; its in a pretty decent location and within the Clovis Unified School District.  

Pulling the money out of the primary residence could lower the balance of the loan to buy this car wash (provide some of the start-up capital) and I'll go out on a limb and say the primary residence mortgage interest rate will be low and for a longer term than a business loan you'd need for the carwash (LLC or no LLC).  

This is why I'm balancing more towards bonds/cash for the time being.

I added some terms such as the ability to get back to $1200 if they pay the deferred balance (they pay online and can monitor their account balance).

If you uncover that answer, it may shed some light on the investment (maybe it's good info and it satisfies my skeptical approach)I have found the biggest three seller motivations (with landlords) are:1) Tenants are subpar and current owner is tired of managing (in this, you're inheriting headaches, eviction, and much higher repair costs than you expect). 2)  An estate took over and just wants to get it gone (in which case there is probably a back balance owed that needs to be flushed out along with a general lack of property knowledge). 3)  My personal favorite: the Owner bought via tax sale deed (and therefore does not want to be a landlord, just wants his investment + reasonable return).If everything checks out, it sounds like a great deal bud.  

Over the course of 5 years we pay down $125,000 of the loan balance on that one loan.If done right, the Multifamily business model has amazing potential and is not primarily based on Comps.  

Is the difference between the current loan balance and the sale price minus the down payment wrapped into the old loan, or will we need to come up with the difference from investors?

The income statement can be twisted to sell the stocks, balance sheet can be manipulated as well.

I currently have 3 credit cards - 1 paid off, the other two with balances that I am currently paying down.

The property is listed for $119k, the mortgage balance is $60k, the monthly payments are $700.