If the OF has no pre-payment, it could be refinanced in as short a period as the bank will allow.

As a Realtor, I will tell you I have never had a pre-listing appraisal done on a property but in your case it could be a good idea.  

(i.e. pre-payment penalty percentage, length of term remaining, interest rate, etc.)2.

Most of the good cash-flowing properties that we are seeing For 15-30k down that will cash flow on average $150-350 /mo after "The Big 6" (mortgage, taxes, insurance, vacancy, management, maintenance) have been paid.

I’ve got the age old question of whether we should sell our townhome or keep it and make it our first rental.This is my first post on BiggerPockets so please let me know if I have left out any information that may be helpful in the analysis.Single Family TownhomeBuilt: 2001Purchase Date: 2008Purchase Price: $270,000Property Tax: $5700/yearHOA: $125/monthWater/Sewer: $1320/year (Must be paid to county by home owner)Insurance: $800/yearMaintenance Costs: $400/year Other planned future costs: Roof (in about 5 years, ~$5000), water heater (in 7 years, ~$1300 including labor), water softener (in 5 years, $500)Current Mortgage (Refinanced in 2012)Term: 15Rate: 3.375%Principal: $140,000Market Value: $230,000 (Upstate NY market with minimal appreciation expected)Rental: $2000/month ($2200 possible but I want to be conservative)I was also considering refinancing to a 30 year mortgage to help with cash flow but I’m not sure if it is worth the $4000-5000 in closing costs to refinance.Normally I would not consider this a good rental property because of the low/negative cash flow.

I was told if we sued her then on every paycheck she receives we will receive a portion of that until we are paid off.

So future selling costs are $30K but tenants have paid down less than $12K.

I paid the $3,000 to join their "System" and I am starting to think it may not have been the best option.  

Because your next biggest cost is your financing, and that will stay fixed until the house is paid for.

Correct me if I am wrong but if I were to be pre-approved for an FHA loan, will the banks consider 4 units or less as a residential loan?