Our credit scores are excellent and our debt to income is good.  

Plus the bank will devalue your cash flow by debt to income, forcing a 25% vacancy on it.  

Our nets were amazing becasue we had cash flow, appreciation AND principle pay down all for very little work.Personally I love going into a place that I can leverage my money and than have my tenant pay off for very little down.I LOVE leverage but hey were are 1.3 million dollars in debt.

As long as you have a 12-24 month history of renting the property most banks are able to cancel out the debt obligation when considering you for another mortgage. 

Even if they hadn't trashed up the place there would have been paint anyway.You need to find properties where your 50% of your rent is enough to cover your debt service.

I'm fortunate I don't need the cashflow so the whole $400+ not going to debt service, taxes and property management stays in the account and grows over time.

The bank told my cousin that they will take a settlement.

Wanted to get some advice from others on how best to harvest equity of single family homes that are currently free and clear of all debt.

If you are getting a loan from a friend or family member, it is a good idea to use an IOU note in case you need evidence of the debt in a court of law.

There is a property I am interested in, and it will be auctioned at the courthouse next tuesday, so I order a title search.It shows only 1 lien for $amount (I don’t know the current balance of the debt), originally taken out by Barack Obama and later the loan was assumed by Donald Trump when he bought the house from Obama.