This was a smart first move i believe as it allows us to get our feet in the water yet keep us from over extending ourselves.

On a commercial property, most conventional lenders will only extend a note up to 75%, occasionally 80%, LTV in first position.  

Just make sure you have a solid plan going into it and makes sure your not over extending yourself.

The goal as a buyer is to create as many outs for yourself and try to extend most of them right up until closing.Sounds like you could use better contracts and terms to protect your position more.

I want to extend a great gratitude to the BP community, BENEFITS TO ME (not an exhaustive list): 1.

If you run into an extended vacancy with major repairs you may find yourself with an alligator--a property you have to feed before it eats you.

As in if your primary is worth $100,000 and you owe $60,000, Key would extend a $40,000 HELOC.

Over a month ago, there was a house that caught fire which extended to my rental property.  

. - Brick or concrete for backyard - fence - update electric, heating/air system - new plumbing - repair entire exterior, paint or new stucco, remove siding in rear, add railing in front - new kitchen/bath - refinish floors - carpet in bedrooms - paint throughout - some walls, floors and ceilings need repair - extend/add room behind kitchen to add first floor laundry - new roof, windows- Currently 4/1, would add at least 1/2 bath on 1st floor to make it a 4bdr 1 1/2 bath or full bath for master suite to make it 3bdr/2bath - No finished basement, but want it cleaned up and painted - recessed lights - The layout on the 1st level will remain the same, with the exception of the extension for the 1st floor laundry and possible 1/2 bath.

Basic reason is that having L/O in other markets over extended my management control and I got my *SS kicked in the Orlando market during 2008-2011 that taught me  that I am a mortal.