When they refinance, they will still owe the original principal balance. 

Since you're a realtor it won't cost you much to list it, and people will pay a lot of money to get a low rate with a higher amount going to the principal than initially.

Just need to make sure the property generates enough income to cover the monthly principal, interest, taxes, insurance and HOA (if applicable).

You will then have a few options with that rent money....you can put it into principal or you can start saving it to purchase yet another property.

You will then have a few options with that rent money....you can put it into principal or you can start saving it to purchase yet another property.

Each lender has their own standards or parameters, such as draw period, FICO required, whether it is interest only or principal and interest, whether you can lock a portion of the HELOC or it is all floating interest rate, etc.

You will then have a few options with that rent money....you can put it into principal or you can start saving it to purchase yet another property.

I’ve survived this biz for 35 years without losing investor principal, across many adverse market cycles, and I couldn’t do that by taking on much “wipe out risk.”

Unsecured (no real estate as collateral) is not a great way to lend nor is secured loans with no equity to protect your principal investment.

You will then have a few options with that rent money....you can put it into principal or you can start saving it to purchase yet another property.