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Thanks for being interested to converse with me Kurt. 

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Here is a legal pad conversation with a home seller, say -seller has comps at $100K-Owes $95KRents for $1000Costs to sell are $10K to $12K-Sub2, wrap or lease option assignment possibility presentationSee video here http://www.screencast.com/users/REISkills/folders/...No links, no ads.

So if based on the conversation, we believe the house can sell for $150,000 and I want about $20,000 on the deal, what is the most they should owe on the mortgage before we move to the next step? 

Through conversation with the seller we found out that the property was being rented out but not enough to cover all of the debt.

If you do the same by going to the upper right of this page and set keyword alerts, you'll be notified any time there is a conversation about what you are interested in.  

Here are a few recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing Check out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/ If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select that person below.

Here are a few recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing Check out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/ If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select that person below.

I would think with a decent credit history, your track record as a landlord and a few conversations with a local lender you would not have any problem getting financing on the property that is free and clear.Hope this helps!