A very elegant solution.

One of the main questions I’ve had is should I even be considering investing in rental properties if I don’t currently own a primary residence.  

I know I'm not responsible for it, but I'm a bit puzzled by the solution as the hole is large and there needs to be space for two pipes to fit through. 

Since I am already a Residen in Las Vegas since 1999 I am a stable resident here.

Quite often, new home construction is the result of new residents moving in who are middle class or wealthier, attracted by jobs, a healthy local economy, or other amenities as they leave nearby or far away areas for greener pastures.

I had purchased a condominium 15 years ago as my primary residence with a 15 year loan. 

You don't want to run afoul of non-discrimination laws.Good rental criteria requires all adults (18 and older) who will be residing in the unit to apply, pass the screening process, and be listed on the rental agreement as jointly and severally liable.

With a regular, regulated lender neither one is legally possible and wouldn’t meet fed/state banking regulations.The current lender will either give you a discounted pay off, or they won’t.....that is your only solution to refi.The deferred principle makes this sound like a loan Modification done by a major lender.....not sure what a “balloon payoff penalty” is, sounds you are mixing up terminologies.

I've known individuals that had the capital but just didn't have the energy to get into any other investments...BE THE SOLUTION, create your own opportunity. 

Good Evening,I've been residing in Georgia for 17 years.