At $9k/year savings, that's an extra $45k that goes to paying down your principal in 5 years. 

The house is a 3 bedroom 1 bath, as well as a loft and an extra large yard.

Calculate how much extra this tenant's habit is costing you and factor it into the rent or add an extra charge for excess utility use.

All of my current properties have 12 years of a 15 year note left so I will need to make extra payments to meet my goal. 

I say go for it just screen the tenants extra thoroughly I'd really aim for a low key tenant.

You should charge extra for the parking spaces, and make them private.Looks like the average unit there runs about $700/mo, so yeah, I'm say you're substantially under market.  

Plus, as long as they aren't making any extra principle payments then the single amortization schedule can be used for the entire life of the loan.

I am moving out next month into my own home and I am going to need the extra income so i feel like i should get started in investing.

Has anybody ever heard of something like this, he also said it is a 50 year loan that can be paid off much sooner he was describing paying more every month, the extra payment after three years we can either have that money back or we can use it to pay the loan down and he was explaining the resin they do this is to keep money in the account like this because they want to make sure the loan payment can get made in order to make this a  very good performing note that they can sell if they want to.

. :) I believe I can stay diciplined enough to make extra payments without having to refinance.