If applicants can't qualify on their own, I don't rent to them.

@Bob Asad, it is vastly easier to obtain a HELOC on an owner occupied residence than on a rental.  

I think a 1031 exchange wouldn't be a bad idea if you're not making much on the property, and are worried about big repairs coming up in the near future. 

No one is going to insure you with knob and tube so you need to focus on selling or doing the rewiring.

Imagine these older folk's financial planners did not plan on high inflation. 

We've already taken a few online courses and read some books, so we're getting our head around the multi-family syndication business.

@Sandra Ho, It sounds like you are talking about late payments on their credit report for things like credit cards, car payments, student loans, etc.

That means now, it may be 30 days before we see any cash.Bottom line and the question I have for this group:1.

My title rep pulled a property profile on the house and it shows as a 2/2. 

If everything goes right I will be able to refinance and will have created 25% equity, or I may end up having to bring $10-20k to the refinance to get the 75% LTV depending on the appraisal, but even if that's the case it's still a great deal.