someone will say "I have 20K what should I do" and be told "just be a private lender and turn that 20K into 100K." 

Owed is around $550k, $275k 1st, $271k 2nd, BPO is $295k, both lenders came back with appraisals of $360k (the 1st) and $350k (the second) using nonsense repair estimates when she was in BK recently.

With lower mortgage interest rates comes increased competition so the sweet spot may be sometime towards the end of this year.That said, if you see a property you like, the best advise is to shoot your shot and submit an offer that makes sense to you and if they bite, you win and if they don't, you didn't lose.

I have heard that paying off your rental is not necessarily the best choice because of the deductions it allows for, but given the type of loan this house is mortgaged with, is it even possible to buy another home together and start renting this one out when I have a FHA loan on this one?

Hey Jesse,Partner with a lender that will finance assignment fee's, they will have your buyers.

You make money 3 ways: cash-flow, mortgage pay down and market appreciation.

Most hard money lenders will offer these products, but not all are created equal.

@Alanna ThomasIf you financed your property through a lender that escrows for your taxes and insurance - that stays in place regardless of what you do with the property (ie rent it out, etc).  

Does anyone know any lender that does this? 

This was the first property I found that would cash flow with a 30-year mortgage with 20% down.