And with a good tenant buyer that is willing to pay in a little extra per month toward the down payment, you can get them to work... and ultimately collect your profit on the backend, or on the second and third lease option tenants if that plays out.The clear advantage of going this way is... if you dont find a "GOOD" lease option buyer, you are not obligated to the sellers... just let the bank take it like they were going to anyway.Pre-foreclosure lists are easy to find, and because getting a short sale completed is a numbers game there are often many sellers in that niche that could not get the short sale done, and are going to walk... you can cut your teeth on those until you get your system fine tuned.On a side note... the other way to go is to get a mailing list of absentee owners from your county tax rolls, or realquest.com.

We have no other debt.My thought process is to pay off the rental property with the smallest mortgage as fast as possible with our extra cash flow, then use that rental income to pay off the next smallest mortgage of another rental prop, and finally when that property is paid off we want to use all the rental income to pay off our personal residence quicker so we can retire without this giant mortgage payment.

I'll have to calculate what the profit will be after the extra holding costs and see if it's still a good deal.

That's just about as good as you are going to do in Washington.2 suggestions for the extra lot to make the deal better.Split it off and build another rental on it.orSplit it off, sell it.

Don't think of it as extra income.

So obviously I'm not going to argue with data you looked up so we'll just have to agree to disagree on this one.

If they won't lower our rate we could get a second credit card and use it. 3) Try to get some extra work pronto.

Real estate agent groups track that data very carefully.

It's all too easy to spend a little extra on the Princess, counting on some other money to be available when payments come due.Also, your post sounds as if they are an existing tenant.

He will tell you any underlayment or flashing will be extra.