You could go to the bank and get a mortgage on it.

I went to a mortgage broker who said that due to my also holding a mortgage on my primary residence his underwriter said the following: 1.

Current value is around $175k and my mortgage is $86k.

You can pull some cash out to pay off debt assuming you have enough equity to do so.This will free some cash up to overpay on your mortgage note which then helps your LTV as you pay down your balance.This also saves you accrued interest you'd otherwise be responsible for if you simply just satisfied the term and current interest associated w/ your mortgage.

So hoping to put 20% down and pay mortgage in full with income from roommates.

I'm actually looking into this for my first property as well, since I didn't have but 10% for down payment at the time, it also includes a PMI in the mortgage.

Example 2:On my most recent rehab- I made the seller two offers: one at 21k and the other purchase at 25k if he was willing to hold mortgage and wait 6-9 months to get paid.

are both of you on the mortgage?

I've looked at a couple places in Richmond that are in my current price range (with what I can get a mortgage on), but they are in not great areas and need more work than I could do myself.

Any advice or if anyone knows of a mortgage lender or private lender that would lend to someone under my circumstances id be glad to discuss, thanks.