So you can immediately access the equity in the replacement property to purchase another property if you choose.

I don't see you replacing that income with rental properties in 5 years assuming you're financing them.

If you are going to update it, I would replace the windows and sliding glass doors.

If every window has to be replaced, for example, that could be time consuming if there are 20 windows in the unit.

If you're currently renting can you cut the lease (some leases will let you terminate early due to job loss and if not if you give the landlord as much notice as possible they may work with you and more notice means a better chance landlord can find a replacement tenant so that lease break charges to you are minimized) and move in with relatives or at least a cheaper rental?  

I'm told.I asked them to just replace the heater and we'll do the AC later. 

Along with the HUD-1 being replaced with a different form, it has some requirements that Final closing statements be issued 3-5 days prior to closing, along with some minor other changes.  

Can I replace one residential mortgage with another eventhough selling my home would still leave me with 4 total mortgages?

You'd most likely have a hard time getting another good tenant to replace them if they leave.

Use my PETIO format to reverse engineer the deal:PROPERTYEQUITYTITLE INTERESTSOPPORTUNITYThe heirs might be willing yo assign their interests to you.