In the case of both PLOC's and HELOC's, even if you got a higher interest rate (remember we're talking simple interest) it blows even the lowest mortgage rates (compound interest) out of the water.

In a *typical* building they cover wide range of common expenses for example; management, insurance, water, sewer, garbage, fire system, elevator, janitorial, landscaping, and the list goes on.

He has absolutely no income and I am now responsible for this year's taxes and water Bill's.

We went down to Iowa and found the house full of mold because of a water leak.  

Is there public water , gas, sewer  at the street?

(maybe $5k a year)  Water/other utilities - ?

This house needs very little with the roof being good, new water heater, high eff. furnace, a/c, appliances are all less than 7 years old and according to the owner, just needs paint and flooring in the bedrooms because the carpet is worn out.

why are you paying for water and sewer on a single family home? 

Just explain the situation I recently purchased a property last summer all cash but could not get the deed untill dye test was complete 40$ water company came out and turned the water on.

My take, these are rather uncharted waters we are in now, and the FED is not exactly sure which way to turn.