Easy Street is a good option BUT you need CASH in liquid checking/savings for down payment of 20% and BIG chunk 2-3 times loan amount to buy out of a prepayment penalty.

A cash-flowing, large lot, alley loaded duplex that needed a new roof, painted and new floors.

-A second property in a more year-round market could stabilize your income and provide steady cash flow even when Palm Desert is in its off-season.

You may want to make an introduction between your CPA to those 2 colleagues.The CPA can go over their services and pricing to your colleagues.I partner with many people on real estate deals - It never gets to a discussion on whether they do their own tax return or hire a professional.If a partner mentions he will provide capital - does he provide the capital on a timely manner.If a partner mentions he will find deals - does he find many deals and provide an analysisIf a partner mentions he will manage a property - does he manage the property well(find tenants, collect rent, communicate with contractors, etc)

There are some people that get lucky and earn cash quickly, but they generally hide the fact that it was pure luck or how much work was involved.

You can do this as a rate and term refinance with no cash out, or a cash out refinance. 

Thereby cashing in on the sale.

I like that you can setup different virtual accounts for security deposit let's say, or to separately ledger cash collected through a rent to own contract.

It is also providing great experience for them so win win.   

Purchase price: $320,000 Currently have a long term renter, the rent pays the mortgage and other expenses but provides no cash flow.