By the way, the mortgage is paid off, couldn't i seek owner financing as an other option ?

So I have gathered from a previous post to go and seek out investors at REIA meetings to find a mentor.

Most likely under the contract terms you are liable if you do not apply for and seek financing.

I'm currently in an owner occupied duplex, and I'm seeking a second property.I called a mortgage originator yesterday that I used for conventional financing on the first duplex.

If you have a local address you might pull in some of these guys seeking work under your umbrella.The city of Joplin directed much of the rebuilding through the permits and in reality it was hard for out of towner's that had no track record that could be shown to get work.

If the 1st mtg actually made the connection with what happened, I don't know how much that would increase the odds of them seeking the deficiency, but it would certainly be incentive for anyone who may have bought that remaining debt from the 1st mtg holder, with that much equity.

The message you will send tenants is a new greedy landlord is charging top market rents but leaving me with this old rundown unit I have lived in for years.At that point they will seek something the same as their old rent or cheaper or they will move to a brand new place where they would have to pay the uprent that you are trying to charge.

Pick a strategy, make yourself as knowledgeable as possible, and seek out the people locally that can help you make things happen (friends, family, mentors, etc).

Real Estate Investor with 35 years experience seeking Short and long term financing. 6 mo-5 years

**All of these questions are much easier to answer if you find the deal first.When all of your investors are on board, seek the advice of a real estate attorney as to which structure/legal entity would best suit your situation, and then have them create it for you.If you get this far, all there is to do is 1) Find the Deal, 2) Buy the Deal and 3) Manage the Deal.Hope that helps a little.