I've found two different options from banks.The large neighborhood/state credit union:Good rates 4.25% for a 30 year fixed mortgage65% LTVThey control an escrow account for taxes and insuranceI have to get the building out of the LLC for the refinanceCould take 30-60 days to close, I'm guessing on longer because they probably don't like all my rental income and financial odditiesCan simultaneously do a loan for my next primary home purchaseThe Ultra Local Business Bank:They offer 3 or 5 ARMs only, amortized over 25 years with a 10 year balloonRates at around 5.5%75% LTV and like that I can get more out than the other bankThey loan to LLCs, don't need to change anything with thatThey don't hold an  escrow accountPortfolio lender and keep locally within their 3 or 4 branches3-4 weeks to close and they totally understand my rental income and financial situationDon't do primary home loans, I want to use a portion of the proceeds for a primary home downpaymentIt's a 4 plex so I have the option for a traditional conventional loan, but also a business commercial type loan that is made for investment properties.

That $1,800 divided by your $20,000 down payment is the portion we call the Cash-On-Cash Return.

That coverage can reimburse you a portion of your lost rent and legal expenses.

You did the opposite, you included the entire mortgage payment as part of your income.Your actual income would be your cashflow plus the principle portion of your mortgage payment, usually about 22% or $120/mo in your case assuming a 30% mortgage  So your true income monthly is $510 and $6100 a year  If you’re putting less than $50k in to the deal and the rest of your numbers are pessimistic instead of optimistic, and you haven’t missed any expenses, you’re making 12%, not great but not end fo the world  you’re going to have about $6,000/yr in depreciation so at least the income will be tax free and it shouldn’t kill you if it goes wrong  

So it's good that you did that already because if you hadn't you would have lost the ability to withhold any portion of her security deposit. 

You can take out a HELOC and only use a portion of the equity for a downpayment on a new leveraged property, so you'd still have 1 full free and clear prop, one mostly paid off, and one leveraged.

I'm going to pay deposit and installments as portion of  job is completed6.

I'm going to pay deposit and installments as portion of job is completed6.

Again the rent would only cover a portion of PITI.

I don't have any idea if they (son/wife) will be actually paying any portion of the rent.