After some issues with the mortgage lender not doing their due diligence until the last minute they put in some of their commission to support the closing of this property.

Using mortgage debt at 6-7% on a refinance to pay off higher rate debt such as a credit card at 15-25% is a savings!

And here is where I actually got properly annoyed. 

Here's a short treatise by a title insurer:A deed in lieu of foreclosure is a deed given by the owner of mortgaged property to the holder of the mortgage or its designee where the mortgage is in default and foreclosure is a possibility.

Primary home is a little easier but for FHA and other programs it requires 12 months title seasoning.There is something called delayed financing that if you purchase a piece of land and pay for the home "All Cash" without a mortgage you can get up to 80% LTC.

One of the biggest challenges for everyone involved is being on the same page about the actual time required for maintenance.DIY landlords rarely properly track their time when it comes to property management in general - tracking their true time invested in maintenance is where they perform the worst.Investors that hire PMCs are rarely any better at understanding the true amount of time maintenance takes.

Mortgage Interest Deductions: Are there any limitations on how much mortgage interest I can deduct for my rental properties?

Our avg monthly expenses with reserves is around $1500 (mortgage, taxes, insurance, utilities, reserves ect).  

We could make a decent down payment with the 40k, but due to us having little money left over at the end of the month, I'm worried about buying another deal with minimal cash left over after the down payment and not having two mortgages.

I walked to the house and met a man who says he was cleaning out due to the loss of their mother in some few weeks back.The guy told me she is  left with 12 years mortgage on the property to pay the bank.