Monthly mortgage payment for 30 years with 4.5% interest rate is about $1,400 (total monthly).The property is currently being rented for $2,400 with an immediate positive cash flow of $1,000.

Otherwise you don't get any equity gains and you lose out on mortgage pay down as well.

I was just approved for a $250,000 mortgage as I am a small business owner and write off most of my income.

People who were in housing costing more are at higher risk during a turnover to find lower rents or lower cost mortgages.  

I will keep enough cash reserves to cover my bills for that 6 month time line, and possibly work a few long hour outages if they pop up local.I do not want to get a mortgage on it.

It needed light rehab and within 3 mths I was able to refinance it into a traditional mortgage.  

If your mortgage payment is $5K a month and the income is $6K a month it will probably hurt you ability to get another loan. 

Fellow Note Investors,I am reviewing the Chap 13 BK filing and plan in Pacer on a 2nd mortgage that is 100% secured.  

I would think people have an easier time paying a few grand more for a house (getting a larger mortgage) than having to scrape together cash after they close to sod a yard.You are also asking to track in more dirt without having grass in the front.

If you were to refinance the entire mortgage, you could receive 75% out of the value (if they are Single Family Homes).