Yes, I agree the terms of 6% fixed for 10 yrs with no points is generous.  

The deal would be a 84-month balloon, 10% down, 6% interest on a 30yr amortization schedule...not bad...and I would need to leverage about $18,000 total to get closed, cleaned up, organized, and ready to start collecting cash...Here is why I am passing on this deal: Looking at the future provides a grim outlook...so, there is little appreciation in this neck of the woods...meaning 3% per year would be generous...and my exit is a re-fi to settle the principal balance on the note...but, at 70%LTV and a favorable appraisal leaves me significantly short to settle the debt...I simply can't do this deal because I would be unable to perform on the balloon and either have to come out of pocket, or...foreclose...What would you do?

Another bonus to paying off the debt is that it will dramatically increase your ability to invest in real estate.

My wife's grandparents were "generous" landlords and hated Real Estate.

However, a good CPA can advise you which items you can depreciate over a quicker schedule (example: 5 years instead of 27.5) and which items may have bonus depreciation available (allows you to deduct 50% of the cost in the first year).Definitely get with a good CPA who can not only assist you with the tax returns, but can also advise you on tax planning and strategy so you would be best positioned to maximize your tax deductions.

And that's with using some, shall we say, generous metrics.  

I was in a very similar situation even to dollar amounts...FWIW I continued paying my st loan and car note, saved all my bonuses, tax returns and extra cash for about 18 months and used that as downpayment for my first duplex in GR.

Thanks for being so generous with you knowledge and experience!

For some reason, I see even experienced agents not understand the power of private loans (they're equivalent to cash in my area), rehab loans, or other types of financing you may eventually start using. it also is a bonus if the agent you use is able to understand what types of property will finance in which ways.

If you will purchase set for life this week and email your receipt to BP they will send you the audio version and some bonus material.