The idea of debt-free is that if a person is going to retire and has to completely depend on the income, they don't want a severe recession surprising them and causing them to default on the debt and losing the properties.In a normal world, I would do that as well.

ThanksThis thread is 4 years old and I'd be surprised if the original poster is still around.   

Surprisingly, he said he would fix it for free for us.

As far as the construction, yes, but I have been very surprised at some of the finish product that is coming out, specifically from the North Lawndale area - as a SW residernt all my life is very exciting to see this area slowly clean itself up.

Given the current market, I'd be surprised if he can get a bank to lend 65%.

I'd note you're most likely going to do the whole process over again, so don't be surprised if your lawyer doesn't accept your 14 day notice and will send their own.

I am surprised you found a bank willing to do this.

Very big difference and be surprised if you had rats to be honest.

They will usually want to see you have the capital for closing costs and some "reserves", meaning they want you to have a few months left over to cover any surprises.

Just make sure to fully understand the loan terms, especially the interest rate and repayment schedule, so there are no surprises.2.Condition of the Property: If the property isn’t in really rough shape and you were able to get insurance on it using a 4-point inspection and wind mitigation, you might even qualify for traditional funding options like FHA, Conventinal, VA, a cash-out refinance or a home equity line of credit (HELOC).