New Bank Loan Traditional Subject To Take Over Existing Loan - has already been paid down some Purchase Price $400,000 $332,196 (Take over existing loan) Down 20% $80,000 $10,000 To Seller Loan Amt $320,000 $332,196 (Take over loan) New Loan Payment Rate 7.75% $2,293 $1,465 Take Over Payment Rate 3% Difference $828 Your Savings per month Other $0 $0 other Loan Origination Fees 2% $6,400 $6,400 Your Savings On Loan Fees Closing Costs $3,500 $3,500 Closing Costs Cost for length of Loan $825,307 $490,512 Your Cost for length of Loan $334,795 Your Savings over Life of the Loan Using Bank Cost to acquire $89,900 $13,500 Using Us Cost to acquire $76,400 Your Savings Just By Buying Using Subject To Total Savings $411,195 Your Savings Total w/Subject To

@Brie Schmidt Got it, the total work being done will be closer to $50k at the end of it all. 

For the rents-$1500 a month total for the two units on a property over $600K is not a lot-even if all 3 were rented at $800. 

Oh, and just to be clear here - some of the approved condos here in Texas you can just check with an online search that takes maybe 60 seconds of time.  

Will require a decent amount of money out of pocket and would take 9 months of total rent to re-coup my repair costs, or about 2 years of the “increased” rent to pay for repairs. 

yup sounds like you're doing a little bit of cross collateralization with your other properties which is totally fine and can be done . when it comes to condos in miami what you'd really need to find out is if it is a warrantable, non-warrantable or condotel property .

The second portion being anyone who would refinance this and make the loan happen for you is also going to want a total project improvement budget which would include the amount you've spent already as mentioned above and be ready to show receipts and invoices.

@Robert Medina Online presence is something I'd look into before setting up those appointments to interview, to save time and effort knowing that you are talking to someone who at least has a level of expertise.I tend to look at these things to start: What impression do they give you online (professional or not/resourceful or not)? 

Got to be careful and really clear here - its not an unreasonable ask - but its a totally different request (and will be challenging) to be requesting capital investment from a partner with zero actual monetary "skin in the game"

I'd like to use an online legal source to set up a living trust containing one asset only: a single family home.