If the possum has a rental agreement, the possum can retain possession though contract end.

@Michael Lee unfortunately owc is a no go, as he is cash poor, and badly in debt.

I have no debt and a credit score of 686 (Was a 740 but due to fraud on a store cards it was maxed out which effect my score).

@Rhett Z Begley Sure you just need to match the debt on the new property you purchase.  

If I dive into it a little bit, we know that banks don't really want to be buyers and sellers of real estate but if you have paid off most of a property (say 50%) and you foreclose or for some end of the world reason, the bank calls you to pay off your debt now and you can't they can profit more on the resale of your property once they foreclose.

Also, I was under the impression that I would not ever be possessing the property, only assigning it to someone else.

Seller’s Debt-to-Income cleared of the mortgage 2.)

Your main costs will be Property Tax, Property Insurance, Maintenance (small repairs, landscaping, pest control, etc), Capital Expenditures Reserve aka Cap Ex (money set aside for roof, HVAC, Flooring, etc), Vacancy, Property Management, and then any debt service you have on the property.

But the remaining two questions will dominate the discussion:  1)  Where are you getting your debt (and what experience do you have with that lender) and 2) where are you getting your equity. 

This is a basic layout of what's happening in my head, but I'm wondering if I'm oversimplifying things:At Year 0:Value - $150,000Debt - $100,000Equity - $50,000At Year 1:Value - $156,000 (assuming 4% appreciation)Debt - $98,653 (30 yr. @ 5.50%)Equity - $57,347At Year 2:Value - $162,240 (again assuming 4% appreciation)Debt - $97,230Equity - $65,010My question is, is it possible at the end of year 2 to expect to be able to cash-out refi at ~80% of the equity ($52,008) I have in the property and recoup my original investment?