You have the right idea to get your investment portfolio off the ground.

In some states if the previous owner doesn't pay, then you can foreclose, but at that point you haven't made anything and then will have the expense to foreclose...and in some places you may also have to pay off all the years of previous liens.Buying land vs houses. 

Also the property rents for 2K and has good cash flow.Hey Mikal - that deal would be pretty easily done as a DSCR but the main reason you would want to go that route is if you want to 1) put title in an LLC for asset protection 2) qualify off the property's income and not your personal DTI 3) keep this mortgage off your personal record so you can qualify for another conventional loan down the road

I will be refinancing two off my five properties to get cash out to buy another asset.

However, in this case, heirs can cut me off once they have the property.

On the flip side, I could charge everyone "retail" rents and get retail, one-off clients (tenants) who will cost me a higher % in comparison to the % increase in income, leaving me with a lower net.Businesses are about building and maintaining relationships that are beneficial to both parties.

Remote control and locable thermostates,  water leak detetors and main cut offs.   

You should not calculate that in your review honestly.Curious if you have the cash for that debt why not just pay it off as the interest is probably burning a big hole in your pocket

Run off from neighbors roof is causing wood siding on my townhome to rot.

Maybe one day I'll be glad I did but that would mean something really bad happened so hopefully ill be pissed off forever haha