Have you said in your messages to this other landlord that if he doesn't reply you'll have no choice but to bring it to court?

I also lived at this place for about two years.I no longer live in Puerto Rico and the rents are not sufficiently high to have a property manager and properly maintain for this houses.

While these are valid choices, the problem with these types of loans is that they require an excellent personal credit score usually within 760 and above, as well as an established business with good cash flow every month.

@Mark LangdonConsider giving them a choice of items that will improve the value of the property.

Until then, it is way too cold to get in by choice.

If I pay off the mortgage I have $600/m in profit and will pay $150 in income taxes however I will have $450 in my pocket.Between those two choices with income taxes being the deciding factor then it is better to pay off the mortgage to have a higher income and only slightly higher taxes.

If it were $55/month, you are effectively borrowing the other 16.5 percent of the of the deal for $660/yr. divide this by the amount down you don't have to come up with then and see what it is costing you (effectively its interest rate)So basically if you are intent on doing deal 2 in a couple years, that may make your choice for you so that you don't checkmate yourself right out of the gate.

Ethics is a choice, and if you are in business for being fair to all, you will do the right thing, e.g. extend the lease and extend the option to help the buyer buy it.Or you can have the ethics of a car salesman, ie caveat emptor, let the buyer beware.Your choice.

Making $200k in a year is necessary, but not sufficient.

You need the ability to exit this type of transaction quickly, buy it, refinance it or sell it to obtain cash to pay off that underlying lender.Otherwise, yes, the Operating Agreement can make sufficient provisions for you to lease, manage and profit as well as to "buy in" based on principal reduction or other agreements.I applaud your strategy but this is not a DIY document, see an attorney!