When I asked to borrow, I gave them my preferred lending terms, so they knew I wasn't trying to simply take their money and run.For my deals, I started with the cash from my friends to buy a house outright ($18,500 purchase; friends cash was secured with collateral OTHER than the house).

You have a few choices, and would be looking (since this is your primary residence) for a Home Equity Line of Credit or a cash-out-refinance.

You should post the 3-day notice to pay or vacate quickly - preferably no later than 1 week late.The tenant has to follow your rules.

I'll be writing an article soon about my preferred multifamily tactic: (The 3R Approach - Rehab, Rent, Refi).

That is why I mentioned coming in with say 10%.Let me ask a couple of more 'hypotheticals'........ and please remember these are folks I have had long relationships with, have a lot of trust in me from past dealings etc... and prefer to NOT get all their equity at once.Sample one; current owner owns 8 unit free and clear but wants to back out of day to day etc....

We gave the seller the choice of fixing everything on the list before closing or reducing the purchase price.

[/quote]I don't think you (or your CPA) really has a choice.

Our preferred heat source is natural gas and we have converted many places from oil to nat gas.

We know that it is not worth $210,000 since it hasn't sold at $200,000.If I am using debt capital I prefer a return of 3 percentage above my cost of capital.

if you have great credit, solid assets and great income, sure,,, it would be based purely on your financial situation and wouldn't be secured by any properties.Banks prefer to have something to secure a loan with, so an open line of credit will be limited by your credit and ability to pay.