But the bank still treats it as a secured debt.

I believe the code says "if a veteran holds legal title to a property secured by a VA loan but does not possess equitable title, this situation is considered 'not a disposition."

I liked the tenant, school is starting back etc, I told them they could pay first month and security deposit and I would let them have the rest of August for free.

You can then tell the security office to disregard any alarms the rest of the night if needed.They run off of batteries and need to replace about every 3 years. 

So, even if the loan amount is the same, and even if the interest rate is the same, with the terms mirroring the underlying mortgage, the seller will have (1) recourse to foreclose if the buyer stops paying (2) with payments going directly to the seller who then sends payment to the underlying lender the seller will know if and when the buyer has not made a payment, in which case they can choose to make the underlying mortgage payment and proceed to foreclosure, (3) the seller’s legal position is enhanced since he holds a debt security interest in the property (4) the seller may be able to wrap a higher amount than the underlying note and or a higher interest rate and (5) the seller’s credit position may be enhanced since he has the asset of the wrap note offsetting the underlying debt.  

At the very least you'll always know where you stand in any given situation, something few investors are secure about.  

Unfortunately, it's now going to get more complicated:(There are two types of approaches PMCs use to bill for maintenance:1) In-house ServiceTechs on the payroll, so owners are billed for their time by the hour.While the labor charges above are useful, they don't cover the true costs a PMC incurs, like:- Payroll costs for FICA, Social Security, Medicare, etc. that typically add 25-40% to the hourly rate- Medical insurance costs for the worker- Payroll processing costs to handle all of the above- Liability insurance costs in case worker damages something or injures someone- Workman's Compensation insurance- Costs of vehicles and tools- and more...Typically the management contract will disclose the total hourly rate an owner will be charged.

They want to secure housing before they arrive.

I just had tenants move out of my investment property (duplex) without paying for the last month's rent, and the damage they inflicted onto the property exceeds their security deposit amount.

The tax benefits refer to the tax deductions from mortgage interest and property tax.The returns mainly rely on appreciation, and the cash flow only improves in the last few years, also depending on securing the 5% refinance rate.I've learned a lot from this forum, but as I start to operate on my own, I'm still not completely confident.