I'm in the Grand Prairie/Arlington area, but visited a friend out there a few months ago and it's BEAUTIFUL!

Just like a few others on this thread, I had little to no experience (and still don't in the grand scheme of things.)

You'll also have closing costs of a few grand...

Grand Rapids is an incredibly hot market right now, with no signs of slowing down.

I've seen attorneys jack up title fees by over a grand on small transactions. 

With my work ethic and personal wit, after all said and done, without to much explanation here, I think I could do amazing in this field and I love the grand picture of the profession.

So all said and done assuming 165k appraisal i can get roughly 22k. setting aside a couple grand for my own home improvements.Key Bank - has a 90-100% option at a rate of 6.76%. plus an annual fee of $50 (not waived). again assuming 165k @ 100% i could get 40k, but at a much higher rate.What do you think?

well I am not a NPN expert by any means but this is an interesting question so this is my best guess's1. the 189k is all the property is worth.. in reality.. so that's why its listed at that price.. and probably in contract for around that number.2. the seller does not realize you own the 2nd and who ever sold you the second probably realized the value was not there and unloaded it to you.. 3. your in the drivers seat in that this deal can't close without you signing off on your payoff.4. this is a short sale .. the first lender will be asked to take a short and will usually only cooperate if you as the second take no more than about 5k for your position.5. if you paid for than a few grand for the 2nd your in jeopardy.6. if you don't cooperate and the 2nd is in default you can foreclose payoff the first and deal with the asset.. 7. if the seller gets frustrated they just walk and squat stop paying on the first it forecloses and you either pay it off or it wipes you out completely .either way.. 2nds for most folks are pretty risky.. unless of course you paid next to nothing for it and its just mad money.. that you can easily lose. and just chalk it up to well that did not work.

At best, you make a few grand on this deal. 

According to the owner it's been grand fathered in (still need to find out what that means) and he has no issues with zoning.One thing I did notice is that a unit on the 2nd floor only has a single egress, just the front door on the 1st floor.