The terms remain the same, we still pay the monthly mortgage payment.

And, there should not be a minimum number of payments or minimum amount of interest.Here's a quick recap of what to look for in a hard money loan.

To me, having one mortgage payment for 2 - 4 houses (basically) always seemed interesting and like something that would give me more bang for my buck. 

@Ben SyzekFor long term rentals in Colorado Springs you will need to find a deal at 50% ARV (This is very hard) or do a large down payment of 25-35%.

Hi Saul,Vegas and Phoenix are on the pricier side, so you'll need to put a large down-payment down if you want to cover all your expenses with some cash leftover. 

Coghill they are trying to take care of several things:1) Approval to access credit reportsA video tour of my home office (required by the credit repository to show security, so access to office & computers is limited to avoid data theft)Credit checks on me and my partner (required by the credit repository to make sure you are not criminals looking to steal others' data)Copies of the deeds for every property we own (required by the credit repository to confirm you aren't just self-serving)A copy of my partner’s home lease and utility bills (required by the credit repository to prove his legal address, so they can pursue him criminally if he steals data)Business phone bills (required by the credit repository to prove an actual business)2) Approval to use banking ACH system to accept tenant payments and pay ownersBusiness phone bills (required by banking industry to prove business legitimacy)A signed letter from the bank verifying our accounts (to prove legitimate business banking accounts.

Yes, trust me I know!

Payments $492 (interest, tax, insurance) currently owe $51K.

Or like many small in businesses you raise cash from friends family and anyone else that knows loves and trusts you.The other thing I suggest is to make that $27,000 or $37000, or $50000 yourself over the next year. 

Lock-out, should they continue to not come even, would be typically less than 14-days.Unless the tenant comes even with the rent (which would result in dismissal of the non-payment of the case), there is generally limited defense to this process.