Eliminating the deficiency is more important than $3,000 cash for keys.

Which is where accidental landlords go wrong by letting in some professional renter.I use http://www.ctcredit.net Everyone has low fico and tons of debt.

Though its time to pay down some debt, plus I have 2 young children...I really need to just sit back for now and enjoy my summer with my family.

You do have to consider cost versus benefit more than ever these days with tuition rising and student loans being nondischargeable debt, but if you're able to get grants, scholarships, etc., it's worth it.

Perhaps the buyer can identify where the closing of the first refinance was done, and maybe the closing agent can show some documentation that the lien holder of the first was wired funds to cover the debt owed.

Trouble is there is $80K in excess debt on the table.

I could have picked one up in the mid $500Ks, but at the time I was a little gun shy about taking on that much debt for my first property.

You could also do a second on another property, or several others.I'd suggest too that you start looking at a blanket mortgage on several properties (with a release fee on each) and begin consolidating the debt to free you up for financing.Creative financing is utilizing the assets you have to leverage a deal within the boundaries of conventional requirements, the rules and regs, not getting wild with schemes. :)

Of course, buying the land trust instead eliminates another deed transfer, for resale/seasoning issues, if they apply.

The 50% rule says that about 50% of the income from rents will go to expenses (not including debt service).