I'm a mortgage broker, so need a wholesale lender. 

They aren’t able to get a mortgage themselves so they would provide the money while the mortgage and deed would be in the others name.  

They acquired the exiting LLC and mortgage.

- very low remaining mortgage balance!!

Jung,Welcome to the BP forum its a great time to start as mortgage rates fall and home prices still priced well in many states.

Mortgage payment is approx $1800.

Best of luck 👍🏻 @Justin This is almost perfect advice but you do need 3.5% down with an FHA mortgage.

A common strategy I see with diversification exchanges, is that the investor will purchase the first property cash and the second with a mortgage.

.- Rents will be paying the mortgage off, increasing the owner's equity/wealth.- If you hold a rental until death, you can pass it on with a stepped-up cost basis, limiting captial gains if then sold (limited by inheritance tax limitations).Too many newbies on this site trying to replace their day job income via "passive" real estate investing w/o digging deep enough to understand how it really works.

With mortgage rates close to 7% and generally soft homebuying sentiment, strength in existing home sales is unlikely to be sustained," said Alice Zheng, an economist at Citigroup.