The answer is yes and no.The reason I say no is that most mortgages will have a clause in there allowing the bank to call in the loan if you transfer your interest in the property.the reason I say yes is that most of the time, they don't bother with this.

@Marco Spaziani Brunella can be a nightmare getting loans on rental properties in your situation.Easiest, besides seller-financing, would be to get a mortgage on a primary residence to start building credit.

I re- read through all my closing documents where she signed off on the “assumption of existing mortgage agreement” which spells out that the loan stays  in her name and the affects of it.

Hi Vince,It depends a lot on the type of program (Conventional, FHA, VA, Non-qualified mortgages) as well as the property and borrower.

This policy will provide additional coverage above what your existing policy covers.

I took out a mortgage at ~7% and now simply burning cash.

But no 401K or IRA.I have $67K in non- mortgage debt that I am snowballing. $185K of mortgage debt on my primary.

The good news is, since its new construction, you won't have heavy capex or maintanence expenses, nonetheless, the cash flow on the property would be non-existant.

Rental property owners, did you know you can deduct expenses like mortgage interest, property tax, operating expenses, depreciation, and repairs?

A little background on the property ...My mom purchased it for $340,000 in the 90's in cash, no mortgage on the property.Now estimated at $1.2M as is.