Hi Steve, Joe and Bryan, Thanks for throwing down the welcome mat for me.

But we were strapped for cash and need the proceeds to grow our business.So, If I can use the house we just owner financed you will get a good prospective.

Agree with Jon, as well, you can refi with the second in place, the new first can pay part of the second and you bring cash to closing for the remainder, you may not need to pay it all off, that is the loan part with a refi.You may not be able to refi with serious maitnenance issues, a lender mat require repairs to be made prior to closing, that depends on the appraisal.How are you going to make repairs with a tenant?

The simple answer is that they didnt pay the mortgage and now comes the foreclosure...Crazy, but bad financial managment or a cash strapped owner for other reasons than the rental....could be many reasons.....but in the end, lack of paying the mortgage is the most obvious.

Fix any broken tiles like you would a dent in a car.Just put a nice new tub mat to cover the stain.

(Clearing the tree, repairing the roof, or replacing flooring after the hose let go)If the answer is yes, you are strapped enough to submit a claim for that, then yes, get a policy with a lower deductible.

It would be just like any other business, people go into it without enough cash and find themselves strapped.

I plan to hold into the property for long term...at least 5 years maybe even longer...every $ hurts out of pocket :) lol, however I guess, the extra money will not strap me for cash but thereotically I will be able to acquire less propeprties with my available funds, theroicatically in the operative word, becuase practically I will need at least 3 to 4 month between each acquistion to do it right (find a deal, close , fix it a bit and rent it out)..

James I wasn't born with a silver spoon in my mouth.I had very tough times where things were lean growing up.It builds character and makes you remember where you came from.Having said that you can't let emotions make business decisions for you.This woman has allowed her kids to invade her life and mooch off of her.She has ultimately made that decision.I can see where that high payment without assistance is strapping her.I can't tell you the number of kids who are draining their parents dry and using them.It makes me sick to think of these types taking advantage.I am not talking about a temporary blip where someone is down on there luck but a continous pattern of doing the minimal only and getting the rest from the parents.I have tons of tenants with my apartments and I hear it all.When you have apartments they all talk.If you are soft with one they will take advantage.If you are hard with all they will leave because they can't manipulate and the other ones will pay on time knowing they will be gone if they don't.

So that means you can attack problems that would scare off a cash-strapped homeowner.