They are a legit lender, we have bought loans from them.

Rarely is the pursuit worthwhile unless there's insurance money available or assets that can be converted to cash.  

Fractional TIC loans are available for both owner occupied, second homes, and investment properties.

Unlike refinancing, which involves taking out a new loan, recasting keeps your existing loan terms—including your interest rate and loan duration—intact.

We were able to buy home in AZ and living in a rental in Calif.

They're very different thankfully so it feels like there's always at least one who's acting like a normal human being...A defeasance is something that happens on commercial properties when a securitized loan (like a CMBS [commercial mortgage-backed security] or agency loan) needs to be paid off early, either when you're refinancing or selling your property that has a loan on it.

This is a 3 story town home (detached) that shares a private sewage line with 7 other homes.

(Insurance, Loans, Zoning, STR, ADU's, ??

Second year distributions rise to 5.27%, third year 7.27%, according to the projections.Those projections may be at risk, for many reasons: the recent huge increase in interest rates -- increasing the cost of loans and decreasing valuations, insurance costs have skyrocketed, real estate taxes are up, labor and material costs for repairs & renovations have increased, etc.On the plus side, the majority of the ODC funds were designed to be high value add projects with plans to increase operating efficiencies, add tenants and raise rents.  

My inclination is to suggest paying back the PML 70% of the land proceeds (presumably $168K) at that closing and then hold the remaining loan until I sell the house.