If you do 80% LTV on a $220,000 purchase price that gives you a $1,216 monthly payment. 

I'm a RE Agent and Investor in central Houston (one of our houses is up in Spring) and I use Hemlane.com to track and manage payments, maintenance requests, ect. 

Would you be willing to keep the mortgage in your name and allow someone to take over the payments? 

The CAP rates aren't great, the vacancy rates are high, majority of multi-family locations are in areas with unreliable tenants.Overall, it just seems like it's difficult to achieve reliable passive income here. 

The tenant started getting VERY behind on rent payments.

Hi, is there a minimum  amount of time we need to be residing in our home before we can rent it out and buy another one we can move into to qualify for the 5% down payment? 

HI @Angel Alicea, is there a reason why you would want to pay the cash difference of $29,000 in additional down payment, rather than just putting 3% down payment on a conventional loan or 5% down on a conventional loan?

Rather than me saving up for a down payment to use with a Hard Money Loan to quickly purchase a property, I spent the last 2 years trying to balance out my debt from the program and debt from daily life.MY advice is DONT DO IT.

is it IO payments?

You have no appreciation upside potential.I believe they haven’t missed a payment since they started in 2007 or 2008.