I don't know who everyone borrows money from, but these are the steadfast rules that are applied.

I assume that normally I would never have to pay taxes on this money because it is borrowed.

Sunk $70k in top to bottom repairs, new kitchen, roof, windows etc. and did not borrow more than I absolutely had to. 1031 exchange replacement.

Emotionally the borrower/owner has checked out.

Lender is high bidder at auction and bids minimum bid so no money isowed to Borrower.

You should have no problem retitling your property under your LLC's name and reissueing the loan under the LLC as well with a guarantee signed by you and your partner to the bank.Probably get away with about $750 in fees with the Lawyer and bank fees.The attorney will do a retitling so that will save you money instead of a full closing.JoeJoe,I doubt very much that the lender will be OK issuing a new loan or otherwise taking the borrowers off the present loan.

I will be getting it appraised after I figure out what I will purchase next and how I will be using the equity in the industrial property.A conservative guess is $80-100,000 in borrowable equity in the property (taking 80% of the appraised or FMV).What is the better way to utilize this equity (or cash) that I have?

If you could borrow from a bank or you have more than one investor who would put in money then base what you pay based on what is competitive.

. - Set the payments to be inline with the market AND what the borrower can honestly afford to pay monthly.

Maintenance looks low.Anyway, here's how I see this deal:Gross Rents: $14,620 per monthOperating Expenses: (50%) $7,310NOI: $7,310Mortgage Payment: $7,164 (20 yr, 6%, $1 million) this assumes you can borrow the $100K downpayment with 6% interest, which I don't think is possible)Monthly Cash Flow: $146 per month or $5.84 per unit per month OUCH!