Don’t make car/house payments or utilities.

I'm prepared to make a down payment of around $70,000, and without factoring in rental income, I can qualify for properties priced between $650,000 and $700,000.

(Max vacated rents - your monthly mortgage payment) = +/- net cashflow.

Location: Chesapeake, VA (large military town) Market Value: $360,000Loan Balance: $245,000Equity/Second position note: $115,000 (30 30-year amortization / 10-year Balloon Payment, 6.5% Interest, $727 monthly payment) - Bringing cash for this would save a ton of money for the buyer.Rate: 2.25%Years Left: 26Current Monthly payment: $1,300 (including taxes/insurance)Current Rent: $2,000Scenario 1: -If you were to purchase with a new VA loan at 7% interest at market value your monthly PITI would be approx.: $2,757-If you were to assume the loan and I carried the second note at the above terms your monthly PITI would be: $2,027Saving: $8,760 per year.Scenario 2:-If you were to bring the same $115,000 as a down payment on a conventional loan you would pay: $1,992-If you were to assume the loan and bring cash for equity position your monthly PITI would be: $1,300Saving: $8,304 (with no need to refi in the future)Since this is a hypothetical situation I'm going to give my number based on nat. average homeownership of 13.2 years.

You may be able to go up to 70% CLTV and qualify based on the market, short term, or lease rents covering both the first mortgage and second mortgage payment. 

I've got at 2.29% rate on the current primary and a mortgage payment all in of about $2600.

However, it would provide us with the necessary funds for the repairs and potentially a down payment on another property.

When they win that lawsuit because the real estate is in the same LLC as that business they can foreclose on your real estate to force payment.

I.e Balloon payments, interest ratesThanks,Court

:) Assuming you are asking about a DSCR loan with that low loan to value you should be in the low 7's without significant buy down with NO pre-payment penalty.