Not only did I do my due diligence on this property before I bought it, the tax deed auctions in Michigan ensure there is no mortgage or other major encumbrances, with the exception of minor code violations like tall grass or past HOA fees.

This is in the east side of Buda in 78610Property price is around 340,000 and the monthly payment for 80% mortgage at 7.125% with property taxes (2.32%), HOA and Insurance comes out to around 2,600$Rental comps suggest around 2200$ gross monthly rent. 

I anticipate this being an out of pocket expense because this building already has a fairly large mortgage on it.

. - Many lenders have a minimum of $75k (we actually do down to $50k) but have seen numerous investors not know this, and struggle to get the cheaper houses refinanced. - Many lenders have a min Sqft. - Many lenders have a minimum value of the property (at appraisal) of $100,000 or greater (essentially, they don't want hood houses on their books if they have to take back"Just a few things on your check sheet i would have when evaluating!

If you get the right home you could cover your entire mortgage from the start and forget mortgage payment for the rest of your life.Finding suitable perfect househacking scenario is not easy and you must do some sacrifice.

However, the HMV area of Lee’s summit is 5 min south where they bought in Raytown. so, while the property was cheaper by $50k vs if it was in Lee’s summit, that buyer will now get to tap into the higher renter demand of folks working in lees summit, but wanting the lower rent of Raytown.

If there was a mortgage I ask for a mortgage release.

Having a competent team will streamline the process and reduce the likelihood of setbacks.Financing Strategies:Explore various financing options, including traditional mortgages, private lenders, or hard money loans.

I'm thinking quitclaim the title, then, if allowed, transfer the mortgage, then cashout refinance to pay the original owner some money. 

Good luck.I was just wondering if anyone has used them for RE investing and what they have learned since it is a very unique mortgage product.