The truth is, you best learning tool is to get out and start ACTION.

I was just wondering what you would do if you were in the same position......

A lot of commercial lenders won't allow a 2nd position on your property.

Welcome to BP, @Mark Sewell, and congrats on taking action.

Paying what I will on the interest and if I will still make a significant net positive income on the property in queens, ny

My plan of action is to start attending REIA meetings in Austin, meet up with local investors, contact real estate agents, and consult with a law firm.

I've watched people who were in a position to buy a year ago sit on the sidelines, hoping for a crash. 

So, if you pay all cash, even with a higher positive cash flow, it will take you a lot longer to "break even", than if you used financing.

Your electrician should be able to give you the best course of action & it's going to be $$$$.

They still retain first lean position even after the transfer of title and your title company will make you sign something recognizing the existing lien.Hope this is the info you were looking for.