Absolutely do not execute a release prior to payment.  

I was wondering if it's possible to take 20 K out of it to put a down payment on a second investment property and would that even be advisable.

The problem is the mortgage payment is 1600 a month.

And, I would rather not put too much for the down payment due to my lack of experience.

But once completed we will have our old mortgage payment to use toward more investing.Hope this helps 

Kev Kevin:We'll see if we can get @Thomas S. here to provide guidance on navigating Ontario's LTB to save you time, money and some degree of frustration.However, the general rule of one lease, one payment applies here.  

Had one guest stay for 2 weeks and they apparently paid with a fraudulent/stolen credit card, VRBO approved the payment and stay.

What is the best way to get the down payment from them without having to pay taxes?

I've done the math and after we sell, we could make $50-55k after closing costs/fees which would take care of my wife's student loans and help with a down payment on a nicer house that we could see ourselves in long term. 

My long term goal is to 1031 exchange a portfolio of residential investment properties (ideally all multiplexes, but probably some 1-2%/mo sfrs) into a larger commercial property, ideally 15+ units, with a much more hands off operation. with that in mind, would it be better for me to save up for a larger down payment and never live in my properties, only manage from within 50-75miles (my Dallas proper neighborhood is NOT in my current budget right now) or would it be okay to #HOUSEHACK my first one and then househack a second one in 18-24months, etc. anyone go down this path before that can offer some advice?