Assuming you agree with that statement, then you would be buying at the top of the market, which would be exactly the opposite of the saying, "Buy low, sell high", but you have the convenience of potentially waiting out the coming correction and earning some good money on your property while having your tenants pay down your mortgage for you.  

If a vehicle has a loan, it is just like a mortgage - you hold the title, the bank has a lien on it.

Mortgage is due today and having to pay an extra mortgage is going to be incredibly stressful.

They have it for the value of the home, balance of the mortgage, etc.

I don't have a W-2 job nor tax returns from the last two years to be able to pull the mortgage under my name/credit/income.

The mortgagors reported the mortgage interest on their returns, which excludes us from being able to capitalize the same interest on our returns.There is more research being done..we shall see what becomes of this situation.Another quirk in this situation is that one of the properties we signed a lease agreement with permission to upgrade the property.  

I am house hacking with bedrooms in the house and currently making double my mortgage in rental income, so this has boosted my confidence and motivation to keep going!  

I want to approach my father to help him get out from under all his mortgages at once when he is ready to act. 

Property cash flows about $700/mo after the mortgage and expenses.The property does need some work to attract better tenants in the future and to make the property look more appealing.

You'd own those three properties in cash with no mortgage.