If you get a $440,000.00 value as you project, you need to pay the balance down to $352,000.00 3) I would also ask the lender of the 2nd home you bought to just remove the MI, you will have to have it appraised, but it looks like you would have the 20% equity to allow them to remove the MI. 

She would be allowed to borrow the lesser of $50K or 50% of her account balance for up to 5 years. 

Most likely the total rehab will be more than the $91k.Go to some local REIA meetings and meetups and see if people are interested in JV on this deal.Look into the Small Balance loan for $1 - $5mm.

It was sold for a large down payment, and I carried the note for the balance.

This is where a lot of investors get into trouble because they look at their balance sheet and pat themselves on the back because of the "equity" they have in up markets, only to realize that it doesn't actually convert into the same amount of cash when it's time to liquidate. 

My understanding that when a second is crammed down, as opposed to stripped, the value of the note is “crammed down” to reflect the existing equity.....the holder has to take a reduced balance, and that is all that’s owed....once that is paid you are done.

@Tim SchroederIdeally you would like all the information in one place(which would be the accounting software that you choose).Being able to get a snapshot of what mortgage balance, income, expenses, equity in any given period is great.However, in reality, you only need to put in information that you find will be useful to you.Income/expenses are a definite since you will likely use those figures when you file your taxes.The other information such as asset cost, equity, downpayment provide you information that you will likely only find useful that in reality - you can possibly get by looking at a mortgage statement or such.With that said - track information because you need it or find it useful.

Its hard to get the balance, but you could likely increase rates and keep the same net $$, but with less wear/tear on the properties.

Once the remaining balance is paid off, they will own the property free and clear.

The recommendation is to find a bank that won't charge you minimum account balance fees.