Buying your first property to live in, and renting out rooms is a great way to cut back on costs and if you set that money aside, it will grow and become down payment funds for a future purchase.  

How much does it cost to buy down rate per %?

In terms of low competition, unless you are buying in the most rural or economically distressed area, there is always competition.

A buyer has approached his realtor and explained that he (the buyer) would like to buy the property as an investment to rent but that he can only make money on renting it if he assumes my brother's mortgage.

I want to keep the property but also know that this ridiculous HOA isn't going away and even if they move/move on, someone else will just buy it since I can't afford to buy them out right now.

Another option would be to find someone to buy it and do a lease option contract with you.

Investment Info:Single-family residence buy & hold investment.

If they buy something for your property and you pay them back, it’s just like you bought it yourself—so you can count it as an expense in your bookkeeping.If they don’t get reimbursed, then technically it’s a gift/donation, and you can’t deduct it as an expense.

Quote from @Ian Hutton: Quote from @Jay Hurst: Quote from @Ian Hutton: Hey everyone thanks for the feedback, I did forget to mention I plan on buying more properties (which is why I’d like to reduce my debt) let me know if that changes any answers, but sounds like paying off the 88k 6.4% interest is the way to go  If you plan on buying new properties do not pay off any debt.

Investment Info:Single-family residence buy & hold investment in Beloit.