Im paying off a little bit of it and letting the rest ride until I achieve my investment goals.

Rent is typically 900-1000 for 2 bedroomI will live in one bedroom as my primary residence and rent out the other bedroom.I will be financing 1/2 of the deal from a LOC with a 11% interest rate and the rest cash from savingsI will then refinance with a home equity loan.I am not applying for a traditional mortgage because i do not qualify.

Dawn, I'll bet too that your offer was limited to X payments and that the the transaction was with recourse, meaning that if there was a default before the buyer received thier payments, they could hand the contract back to you and demand part of the sum paid back, or you'd be liable for the rest of the payments.

What I wanted to know is if we could instantly tap that equity or would we have a seasoning period of a year before we could?

The normal practice is charging 5% of the rent due, or $25.00-$75.00 after the grace period.

My question: If I have an attorney prepare the note of Trust Indenture to be recorded at the county courthouse, use a title company for the rest of the transaction, and use a third party servicer for payments and escrow, wouldthat satisfy SAFE act requirements?

I really only can qualify for a VA loan @ this point.Renegotiated with credit union saying extend my period and lower my interest or I move the loan.

Sabrina Carapia The law in Ohio to make any changes either side must give notice 30 days prior to commencement of rental period.

There should be a reasonable time, time being of the essence, to cure any title issue and provide for the extension of the contract period as necessary in order to provide merchantable title at Seller's expense.

Matt Devincenzo - I used the terms interchangeably for this example only to get to the steps in the rest of the "deal".