Nassau taxes must be way high if Suffolk taxes are considered low to you guys!

There are many low down owner occupied mortgage programs out there.

You're paying very low interest and any refinance will likely cost more than the $20k cash out, over the long run.

They are still there paying the rent.A tenant broker tried to say space was worth 29 a foot when there were tons of comps to support high 30's into low 40's.

A cash on cash ROI of 6% is a little low - is that the best opportunity in your area?

@Darrick Lowe FHA does allow for the purchase of an owner occupied mixed used property.

Out of curiosity, what are the low down-payment loan options available right now?

Success rates with collection agencies are extremely low, probably around 10 - 15%.In both cases, you are unlikely to get any money.

There is a BP book on investing with low or no money down you probably want to read.I also recommend practicing with the real estate calculators - getting the math right is the key to a “good deal”.Feel free to contact me with any questions or post them in the appropriate forum - the community here is great.

In addition, once you've freed up your equity in your current home and invested it in income-producing real estate assets, consider applying for a couple of FHA multi-family property loans (4 units or lease) which have competitive rates and low down-payments (3.75% at the time of writing this).