Now that the children are all grown, we are retired from the USAF, I have found the best ever Hobby in the world, REAL ESTATE INVESTING, I love it!!!!

I learned from Jeff there are other ways to help secure retirement besides a 401k.  

Here is my situation: my father is trying to retire and owns an auto repair shop in Madison, Wisconsin free and clear.

Have a little money in a deferred retirement account that has done well lately.

From a billboard perspective Whiteco Industries owned by billionaire Dean White (retired) located in NWI might be interested in giving you some quotes.  

Long term goal, hold property for rental income with the option to sell property when it's paid off and use money (hopefully 300,000 to purchase another investment house or retirement home) Option #2: Cut my losses and sell the property.

Otherwise you can be at the mercy of a lender saying pay the entire amount off or apply all the sale proceeds.I know, LOL.There are no tax implications with cross collateralization, excluding any use of qualified assets held in any tax qualified retirement plan restricting comingling of funds.

@Jason White if you are retired then getting typical financing is a PITA.

If you plan to be an employee til retirement, then you will need to find out what you are lacking.

The seller in the yellow house owns multiple properties and is looking to sell some as he retires.