By the time I checked back, the deal was gone.

Deal with it.Correct me where I'm wrong but Novations can be executed by either a Power of Attorney being given to the investor or by an investor just doing the paperwork, both being done after they secure their interest with an option contract (unless there's some other creative thing I haven't heard about yet).

If they support a rent increase, you could look into raising your rents by that amount to offset the cost.

@Tobi Isaacs this would be better answered by other investors in your market. 

Hi Syed,Is the property currently occupied by a tenant?

I'm making a healthy downpayment cash by doing a cash out refinance on three of my established properties that I know can cover the debt service handily.

The eleventh hour deal just fell through after we jumped through hoops getting them every piece of paper they needed to close this deal by tonight.

Mortgage Balance: $430,000 Monthly Mortgage Payment: $3,100 Current Rent: $4,100/month (below market rate, planning to gradually adjust it during yearly renewal to eventually catch up to the market rate) Appraised Value: $900,000 (purchased for $657,000 8 yrs ago) Managed by a property manager Loan assumableProperty B: Located in VA.

I don't purposefully exclude certain groups by catering to only a few.

@Daniel Baker What do you mean by breaking even??