If you decide to keep your house, you can do an IRRRL after you have made at least 7 payments on your new mortgage.

In short, I can afford the additional $1100/mo cost of a second house, even until I rent it out.I have around $35K in HYSA and emergency funds that I could use for a down payment, but that's less than 20% which would be required for a conventional loan, assuming full purchase price.

.#1 sell back to the owner with a Quit Claim deed and a 2nd position mortgage for the amount I have into the property plus interest and a down payment.#2 if the owner doesn't want to buy it back, I can begin collecting rent since I control the deed in my name at that point.  

The only purpose of the account would be to collect payments and pay bills like taxes and insurance on assets held by the LLC.

The other part of this is that in addition to this, we are borrowing from our home equity line of credit to put down the 20% deposit- so we have that payment too.   

It may take you 10 years to get there, real estate is slow, but it works reliably and it's not rocket science.Agreed Marcus.

The low down payment house hack is the way to go.

This would pay us back less than we were owed but still enough to come out whole.We all tried to negotiate a short payoff with the second-position lender, who foolishly demanded payment in full.

I was getting ready to do this but if I can get ALL of the same features, not lose any previous data, AND get my BP Pro membership all for the $32.50 per month, I'm willing to do that.Who could I speak with to help me get the information that I need because I need to make a decision in the next two weeks before my annual payment to Stessa will be due. 

However, our tenant turned out to be problematic—late payments, issues that led to an eviction, and additional repair costs before we could relist the property for sale.Now, after months of making mortgage payments out of pocket, we finally have an offer.