Price is important but it makes a huge difference for cash flow if debt service is 4% versus 9%.The question for you is WILL YOU have enough time to deal with the problems of this property and get it cleaned up??

Holding a property is not free... you have to pay insurance, taxes, debt servicing (if financed), utilities, etc.

Just a general question on this - did many of you do a good amount of 'shopping around' for debt service with the best rate/Downpay, etc?

My concern with this plan is my debt to income ratio preventing me to buy my forever home.

If you have no other debt, and no mortgage on your own home then you can finance a few properties assuming you have some provable income.

Setting your price is a little bit of a combination between competition and art form.

Look on the bright side, many people are graduating with well over $100K in student debt and no plan...see, now $43K doesn't sounds so bad!

Furthermore once a lender has your personal guarantee regardless of the number of payments you have made successfully, they would be less secure in the deal without your personal promise to pay the debt.

The bank we want to do the refi with will not count the rental income on these properties because we have not had it for 2 years, if we keep the $1130 payment and add a second mortgage payment it will stretch our debt to income ratios.

They also require no appraisal, no income verification, no tax returns, probabyl no copy of the lease, etc.If I were to go to anyone else, may lenders don't want to touch these, unless they're already servicing the loan, the qualification process is massively tougher.For instance, many lenders can only go up to 105% of value and you have to get an appraisal, Also, you'd need all income documented, tax returns, debt ratios, just like a full blown refinance.