The manager admitted that the rep screwed up giving me incorrect info but essentially said take it or leave it.

It is essentially a preferred return, meaning the investor is guaranteed to make the first profits that the deal produces. 

If it doesn't have essential items like operating electric, plumbing, heating source, etc... they wont provide the mortgage. 

Essentially any type of building that encompasses multiple units that can be repeated in a factory environment. 

Essentially all a Wrap does is create a payment arrangement with a secured interest inferior to the present mortgage.

Paying CASH and closing quickly is a primary bargaining tool we use to get the contract.There would be absolutely no benefit for us to approach the seller and renegotiate the contract and essentially say, “I know we told you we could close in 10 days and you would have your CASH in hand….but we have a Buyer using conventional financing so we will actually need 30-45 days because instead of CASH they will be using conventional financing.”For a good deal....for any deal I would NEVER do this, just approaching the seller with this could potentially KILL the deal all together.

Doubling the payment to $1200, which is essentially all this expensive program does, will knock it down to nine years.

It is absolutely essential for you to also take a hard look at the downside.

But it would appear based on current info that I am essentially upside down on the house.

You may find an opportunity to acquire one or both properties with little capital down and the owner as bank ... if the eggs are cheap (or essentially free save a little sweat equity) it's not so bad having a few more in the basket.