It is ever so easy to slide into debt in your mid 50s, but extremely hard to battle your way out of it when you are in your 70s.

I am figuring 58K 'All In' The current rent is $700, but I feel it could easily be $850 or so, but I am basing my figures on $800.The house has had new roof, windows, siding, water heater, and flooring in the last few years.My rough figure are;8800 Operating Income$3800 Expenses (only about 40% since all the recent upgrades)$5000 NOI - $4000 Debt Service= $1000 Cash FlowNot quite $100 'per door', but I would also be building equity at about $100 a month, along with likely appreciation of $100 - $150 month.

This could be with real estate but that is for another discussion.We have a decent nest egg to cover the year and retirement, great credit, no debt, but have never owned property.

A Probate lead indicates that PR has started the process of paying of debts and transferring property to heirs.  

Is he saying that he always pays his salary first before all debt?

I'd much rather be a recognized business with hundreds of properties that banks jump at the chance to lend to than a "nobody" with tons of hidden assets that has limited access to debt/capital to continue to grow with.

They usually have unlimited personal liability and partners are liable on a debt even if the other partner signed and they did not.

We will be debt free including our little 3 bed 1 bath.

Not sure how much they look it to the application as far as use like a mortgage app.If your income is about $120K you'll likely get an unsecured line of credit at 30K, with good credit and no large debts, it will be issued as a credit card.

Our only monthly debt is our home, which we pay $1135/month on and is financed @ 3% for 15 years.