Your best bet, if you can find a lender, is to do a straightforward refi and pay your friend off as part of that transaction.

I bet that second would take $1500, and the first would take a whole lot less than $700k.

coming onto BiggerPockets asking for help with their foreclosure/refinance/creative sale of their home, has really increased as a result of the current market crisis.I haven't been on this site for very long at all and I can tell there is a sharp increase in the amount of people the log on and immediately post their 'situation' regarding their over-leveraged properties.

Your best bet may be small neighborhood banks.

Once you're done with the fixup, refinance into a normal rate.

I bet Vegas is full of real estate opportunity.

I'm trying to refinance a commercial building we own so as to allow the tenant to assume the loan with no cash down.

Standing here in TX, it certainly appears that rents shouldn't drop in your area, but that doesn't help you much.I'm betting that:a) Your area is being flooded with sfh'sb) Your area is being flooded with an equal number of new renters who can't qualify to buy again soc) Rental rates shouldn't be affected *too* much On the surface, it seems that equilibrium should be maintained.

If I were to refinance to recapture that out of pocket expense, hmmm... it looks like I'd have to get $1100/mo in rent to break even.

I'd like to move to Santa Cruz James, I bet Tim thinks you and I should get together and eat some pot brownies.