Although I love these things, I don't like the noose around the neck feeling of the debt and many years of hard work to pay for the toy that loses its value quicker then you can pay them off.  

Secondly, we recently graduated and though we owe much in student debt, we have decided to put our payments on hold temporarily in order to invest in our multifamily unit.

Again the deal should be thoroughly analyzed for cost and risk factors but can really help you decide the price you should pay today for the cash stream.My style of investing is focused on a balance between cash flow and debt repayment.

My strategy is pretty simple.....acquire as much debt as I can, and stretch out the amortizations as long as I can while rates are still this insanely low.

Many times when there are outstanding past debts, the attorney will certainly charge for a binding estoppel letter, but not normally for ball park outstanding balances.  

You might want to learn advance creative negotiation methods.I don't care where you go in the US, there are deals to be made if you know how to negotiate them.Maybe some ideas on creative methods will help you find what you are looking for.Try, Hybrid offers, delayed settlement, principal mortgages, vertical break ups, take backs, study periods, subject to public auctions, friendly joint ventures.Control and Roll is a great way to sell properties you don't own and to make fantastic profits.Charles

Some lenders look at cash flow to make sure the income can support the debt and will probably want you to have a experienced property manger managing.

Then I would carry the debt of 70k on my HELOC and still can draw 40k when needed.As for the 2400 , I going to apply it to my property rental account.

Our only debt is the one mortgage, but can't spare the cash at the moment to pay off on our own.Am I missing other funding options worth considering?  

His rents are way under market, the only people who are willing to rent from him are those that can afford that low rent, he knows the judge who does the evictions on a first name basis, he cannot afford to ever repair his properties, and he is seriously behind on property taxes to the point of losing some of them.Not only that, but despite being 70, he mortgaged his home recently to cover debts from the slumfolio, to the tune of several hundred thousand!