Hello Everyone,My name is Chris and I have been bit by the REI bug.I am located outside of Boston, MA and am looking to build a solid foundation for becoming a real estate investor.Interested in long term rentals (unless the time calls to sell) outside of Boston, preferably.Have done a bit of research on condos, single families and multi families.Goal is to buy cheaper properties that need a little bit of work and then put them up for rent to collect the little bit of cash flow.More recently I have had my eye on New Bedford, MA, although I am not sure the future looks too bright for that town, as it has remained unchanged for many years.I think I just like the number of cheaper multi family homes that are available right now.Looking forward to hearing from you all.Chris

Original mortgage was $46,000 @ 6.5% (Terrible, I know, but this was our starter home and by the time we were able to refinance, no one would refinance due to such a small amount remaining).

So you would include a "contemporaneous closing" requirement in each contract... tying the two transactions together with respect to timing.

My suspicion is that it will have negative cash flow based on the remaining mortgage and its payment. 

While you won't have any problem at all with 80%, the remaining 20% can be a doozy.

These principals are a bedrock of the community and it is the reason that BP forums remain high quality.

Now you're financially tied to someone that you wont be with in a few years?

Interest rate will remain low for the next couple of years .

For me it was worth getting my license because I renovate homes and I also didn't want to remain in the dark.

Can I change the locks and make them deal with any remaining complexities?