You have a $100k loan.You apply for and receive a $150k loan.First $100k is used to pay off the existing loan.The change, $50k, is deposited tax free into your checking account and you can do with it what you wish.Make sense? 

To clarify my research, HOA Liens in MN are prior to all other liens except for a first mortgage, any government tax liens, any liens existing prior to the HOA lien, and/or a master association lien.

Hello everyone looking to purchase my first STR I currently live in the Poconos in the Marshalls creek area and I've been in the market for about 4 months and researching STR for about 2 yrs and I pretty much know how it works and Im ready to get on this wave being that this market is 12 yrs old and has room for me but I do see a lite saturated market in the business it self in certain areas but again I'm trying to get a piece of the pie so my 2 targets are Poconos and Florida im a little hesitant with Poconos because having low occupancy rates during the winter months because theres been a drout with snow or else we would probably be in the 60-75% percentile  where we would probably be looking around 200 days out of the yr of rentals which im ok with that now Florida they looking at a higher percentile due to the fact that they pretty much booked all yr round so please any experienced  advise in any of these 2 states from a markets point of view im all ears or eyes to be exact thank you very much 

You could carry the note if its free and clear and get a down or sell a partial of that note for any cash your needing, wrap the existing financing until they refi in a set time and cash out completely then, do a lease option/purchase if they just need more time, etc.

I handled all repairs,diagnosed existing problems, performed all duties in the remodeling/repair.

I have considered that but since this is going to be my first property I don't know what challenges I will face in terms of existing tenants along with the normal process of being a landlord. 

Sometimes it can be cheaper to build than it is to buy existing however in most areas of the country right now it will take you minimum three years to develop a project and ground up get it to stabilization so you need to consider the time factor.

I'm not saying that the combination of the two doesn't exist.

My HML asked me to create a new LLC or use an existing one for my current rehab project.

I don't know much about new builds though, we always buy existing homes.