It was Civic Financial - I’m not sure they do referral bonuses or anything but I can share a contact info if you needed someone.

Consulting a tax professional or financial advisor familiar with these rules would be a wise step before making any decisions.

It was bought in 2004 and due to financial issues, I believe ~$197k is still owed on the mortgage.

Loan interest is deductible based on the use of the loan, not the asset securing the loan. 

Looking forward to building a better financial future.

If multifamily properties in your area are priced well, it might be worth moving forward sooner rather than later.Risk Tolerance: Since you’re the sole provider, it’s crucial to ensure you have a solid emergency fund to cover unforeseen expenses, especially during vacancies or repairs.Long-Term Goals: Think about how this investment fits into your long-term financial goals.

If you can get financial support to get a duplex/triplex, I would recommend this.

@Serge Hounkponou Recommend you first figure out the property Class you want to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Hey Diandre,Are you looking to bundle them together and do a cash-out portfolio refinance, or are you wanting to keep them as single assets and refinance them that way?

A terms sheet will tell a pro whether you know what you're talking about and give them a structure of the deal you propose, but it won't establish credibility with respect to your financial ability to pull off the deal.