Do not get a 15 year mortgage because you will have carrying cost even at that rent...so keep the load light...If you could get it refinance for a 30 year loan and recover the refinance charge in 2 years you might think about it... but what you have is a free money at that rate and it gives you tax rid off... don't sell it.Be sure to thank me in 25 years.God blessMorry

If the borrower wants to stay, I want to get rid of the second so the borrower and I have a piece of mind knowing all the players and I can control the debt load.

If the guru's were to say "make money in 90 days with loads of hard work and dealing with people who are upset that they received a postcard from you" I don't think anyone would buy their course.

@Brian Huber Let me ask you a question, you too Lonnie, I didn't down load the LOI stuff or the Option, but lets say I buy off that option contract, I give a half of ton of cash, then 6 months later I give you notice that I intend to exercise my option and purchase in 30 days. 

I feel for you- I have always been leery of flat roofs, but out here it is because of occasional large snow loads, not compost loads!

You made a classic mistake you over improved for the neighborhood..So I agree with the OP  people that are looking for owner finance deals are the one's that will over look some of these issues to get into a nice new home.Although sounds like you have a boat load of capital tied up in the home.Either that or your just going to have to do the falling knife syndrome and ride it down until someone see's value and will pay you in full for it.Other thing you could do is move into it...

Perhaps I am putting too much weight into this global warming thing because the state of California has clearly been an unsustainable place for a long time but that has not stopped prices from getting out of control the last two decades!

If the information available isn't enough of a benefit here, having peers to answer questions and hold you accountable is worth its weight in gold.

@Isaac Essex Ha - I wish this was all true but it isn’t - flat fee listing agreement just to get your property and MLS are OK if you’re a seasoned investor and have been through many closings and transactions before - if you think that all a real estate agent does is put the property in MLS and then show up at a closing and have the closing company do all the work, you’re sadly mistaken - Real estate agents meet inspectors at the property, contractors, negotiate on the interest of their parties behalf usually resulting in a higher price, explain and educate the buyer on the contracts and addendum’s that need to be included, deal with homeowners associations and condo associations, Coordinating with lenders, insurance companies, attorneys, arrange for your property to be shown to pre-qualified buyers waiting for a property to show up BEFORE your property hits MLS, dealing with the closing company to correct all their mistakes prior to closing, etc - I could go on - I hope new investors will read this and take note - it’s a learning process people - a good agent is worth their weight in gold until your a seasoned investor

Are you actually going to close on the property and take possession or are you going to off load it before closing?