The last deal we used private money for the down payment and borrowed the balance from the bank. 

Cashed out 20k after paying balance off and paid cash for the 4th property.

So the mortgage balance is $236k to start. 4.6 is the interest rate, not the APR.

For me this was a great balance of starting in RE, saving on commute times and having a social life. 

If the lien is for a violation of some kind, resolving the violation may remove the lien without paying the lien balance.  

@Emily Brozovic think in your post you have it right except that after you pay your taxes (250) you don't think of the balance as cash flow, but money you save for other short and long term repairs and expenses.

Financial report showing profit/loss and balance sheet for every property for the month and year to date.2.

You can figure out the loan balance after five years using the FV (future value) function.

I only make 40K per year, so I know I can’t pay down the balance on my house in time to be able to refinance it or sell it in 2 years time.

On one occasion, the title company had to make good on it (although it was a nightmare process to get them to complete it).You should get a title policy, just know that it is not an end all be all 100% free and clear insurance policy.As to the balance of your questions, I recommned you get somebody to help you out with this transaction, either an attorney or buyers agent.