@Mindy Jensenis right, there are good debt and bad debt.The worst case scenario is just you can't rent out the property for a prolonged period and you need the cashflow to support the property.Ask yourself: how likely is that?  

Thanks for the support. 

Also you'll need money for to support the house untill you can catch up with the year expenses owning the house.

Hi Jan,Welcome to BP and the start of your real estate goals journey.Regarding your question about a RE license: I am licensed, and I find it useful to get access to back-end MLS and CBA data, forms, legal support, and the occasional commission.

Rents in the area support $650/unit at the low end. 

I'm no economist, but I think that Detroit's issues stemmed from an economy supported almost entirely by the auto industry, which then shifted its operations overseas.

Hello BP peopleI find myself at on the fence, I have a owner occupied triplex in Venice CA I have owned this since 1995 the property has appreciated a lot looking at about a sale of 2.2 million My problem is that I can't get a REFI based on my debt to loan, it's 80% even though my income on the property supports the new loan the bank is looking at my personal income only, I have tried for 3 years to try and get my first and second combined $720k I also have a large CC debt on the side.

Hello BP peopleI find myself on the fence, I have a owner occupied triplex in Venice CA I have owned this since 1995 the property has appreciated a lot looking at about a sale of 2.2 million My problem is that I can't get a REFI based on my debt to loan, it's 80% even though my income on the property supports the new loan the bank is looking at my personal income only, I have tried for 3 years to try and get my first and second combined $720k I also have a large CC debt on the side.

Hello BP peopleI find myself on the fence, I have a owner occupied triplex in Venice CA I have owned this since 1995 the property has appreciated a lot looking at about a sale of 2.2 million My problem is that I can't get a REFI based on my debt to loan, it's 80% even though my income on the property supports the new loan the bank is looking at my personal income only, I have tried for 3 years to try and get my first and second combined $720k I also have a large CC debt on the side.

What happens if one of you has a financial crisis and cannot support the company if things go bad, say a 20k bill comes up?