It's much easier just to re-lease the place.To prevent this, I would spend more time screening your tenants.

Roof, foundation, and HVAC appear to be okay.

Right now you have to be a "sophisticated investor" in order to take advantage of these opportunities but it appears the the JOBS act will loosen these restrictions..if the SEC gets off their butt.

It appears to be at least 75% inhabited, but that is about all the information I can gather at the time.

With deals like you describe, Gail could achieve her goal with about $1 million.Now, this is a lot easier if you, the properties and the bank are all in the same area.

I would add that you should try your hardest to not appear NEEDY.

It appears the lender is allowing that note to remain in place as a first position, therby allowing future advances and a portion of the 350k loan be secured as a second mortgage on that property.

All that debt will be a good deal when you get to pay it back with cheaper dollars after the impending inflation from the government's policy of cheap money kicks in.When you need to buy the wife's car buy a used car for cash-- car loan rates appear cheap but they are not because you're borrowing money for an asset that looses value rapidly.

It appears you refuse to do that so all I can say is good luck in your adventures.

This can affect a lot of things for example you could have them put up 20% to obtain financing and it might make things move towards getting a loan easier.