I suppose that maybe I just assumed the issue was a little more legitimate.

Once I decide to purchase my 'first' property and assuming I will be in that location permanently, do you suggest that I begin with a single family rental rather than a fourplex, triplex, or duplex?

I assume she has, or will soon stop paying her mortgage.

Things go exactly as expected for the first 5 years, but then you have a terrible tenant and he does $5,000 of damage.In this instance, your entire profit for the entire 5 year period is wiped out and it will take you an additional 22 YEARS to make up the loss (assuming that you don't have any further losses - which is very unlikely).

I am not clear on lease options, quick sale, assumables, assignment on contract.....LLC, S Corps.......it makes my head hurt.Any comments?

This man was talking about assumable loans, and my question is if we don't pay a downpayment and we assume an already existing loan,how does the investor make any money?

He made a stab at giving me what I wanted and included what amounts to a vailed threat, that he, and the board, I assume, want to caution me that I should have a legitimate reason for asking for this information and that I had better assure myself I have the support and interests of all the council members..."

In this scenario, wouldn't the mortgage have to be assumable?

i'm assuming it wasn't.and an offer for 92k, sounds like you were buying it for yourself to live in.if you were offering 92k as an "investment", i'd rethink your entire investment approach.

I would assume a loan like this, which maybe is a HML, would be for a short term property you are going to flip because it has a high interest rate.