🚨Location: Clayton CountyLess than a mile from public transit2 miles from Elementary, Middle, and High School Reason for selling: Seller is motivated because her husband passedBought the house in 2002 refinanced in 2009Remaining Balance on Loan $112 Monthly Mortgage is $977House 2100 sq Comps in the area 95kSeller has 5 other rental properties she wants to continue to maintain.

If you cash out enough to pay off entire investment property your balance is estimated $360,000 @ 3.4%.Estimated P&I = $1600/MO FIXED!

I have seen the properties these 'managers' handle, and often they are NOT being taken care of properly. 

Also, that criteria will miss some people that actually do have equity - the most common case being people having unused home equity credit lines (HELOC), as the computer model has no idea what the current balance is, and many are zero, but the computer models assume the worst case that the credit line is maxed.Hope that helps.

They're balancing the FICO risk with a lower LTV.

Some one will have the proper bit.

I even considered exotic dancing, but alas I have a dad bod so that wouldn’t work out 😀Balance transfer credit cards at 0% for 12-15 months.

With that being said in most cases for the BRRRR strategy to work properly, you would need to buy a property that needs work in order to force the appreciation to get your initial outlay of cash back.  

You're giving her $23,000 up front plus another $6000 a year.After 10 years of a 30 year mortgage you will have reduced the balance from $256,500 to about $210,000. 

If you have proper systems and practices in place and do a reasonable job at tenant screening, the risks can easily be mitigated and there are actually several benefits.