You’ll need to pay MLS dues for access to MLS which in some areas requires NAR/ board of Realtors membership (~$2,000/yr in my market).

We're trying to decide whether or not to pay it off or save to buy another property. 

The tenant fails to pay their last month's rent and leaves the place needing new flooring and paint.

Originally when they were known as FlipOS, they would split up the interest payments,so I would pay the remaining amount for the month the house was purchased and then the remaining balance on the sale of the home to them.  

Debt Reduction - at the very least, another human being is paying down your mortgage and increasing your equity.

More likely, he is hoping to use the extra time to collect more rents and thus more fees to generate the funds to pay his owner clients:(

Do I really have to pay 8% of the security deposit to the PM? 

REI is pay to play. 

With 8% you should easily cover the heloc cost, and more to pay it off down the road.

This creates two loan payments ($100,000 of equity and $300,000 on the new mortgage).Key NumbersHome Equity Loan Interest Rate: 6%Mortgage Interest Rate: 7%Rental Income: $3,000 per monthExpenses (management, taxes, insurance, maintenance): $800 per monthIncome and ExpensesMonthly Rental Income: $3,000Monthly Expenses: $800Monthly Mortgage Payment: $2,000ExplanationThe investor earns $3,000 in rent each month.They pay $2,000 on the investment property mortgage and $800 on other expenses.This leaves $200 profit each month or $2,400 per year.However, you have to pay $6,000 interest on the equity borrowed.This leaves you with an annual loss of $3,600.While the rental property generates positive monthly income, the interest cost of borrowing the initial $100,000 results in an overall loss.