I am getting to the point of wanting to back out due to the 27k combined Closing costs, not including down payment. seems like a I should look into finding a new loan officer.

If I buy out the first lender, can I foreclose with the total amount due for both loans combined, or will it remain as two separate loans, with only one being foreclosable?

I have found that it is quite simple to self-manage a portfolio of 30-40 short-term/interest-only loans using a combination of QuickBooks and an XL workbook (1 worksheet "tab" for each loan). 

The breakdown is as follows:2 bed / 1 bath1 bed / 1 bath1 bed (studio) / 1 bathThe property was previously rented out for a combined total of $3,400 per month.

Approx 5 commercial  properties with total combined value book value 12m .. actual maybe 20-25m?

@Zach Denny - I agree - chances are the institutional lender won't be comfortable with an owner-financed 2nd and 100% combined loan to value.

Data is sourced from a combination US census, zillow, and realtor

We financed this deal with a combination of Partner Driven capital and Seth Choate’s expertise.

As mentioned by @Chris Mason, Bridge Loans: These short-term loans can provide immediate financing until more traditional financing becomes available or until the property stabilizes and becomes more attractive to lenders.Interest rates and stipulations may be a pain.Out of the box here and requires a few more research, SBA Loans: Small Business Administration loans can be an option, especially the SBA 7(a) loan program, which can be used for hotel acquisitions.I heard someone  mention - Mezzanine Financing: it involves a combination of debt and equity financing, which might appeal to some investors looking for higher returns.

Combined rent $1950.