However - be sure your prior deals close before this new one so the bank doesn't accidentally discover that you've created new debt - that could impact you negatively. 

After 2-3 years of sitting mostly empty (I racked up a lot of debt during this time), I found a found a renter.

-The plans will help eliminate massive amounts of confusion.

FMV - Debt = EquitySimple, but it should work or at least get in you in the ballpark.Jeff

You need to speak with a lender, give them your income, debts, etc. and they will tell you Exactly how much you qualify for.  

Instead of looking at putting down extra money to reach your LTV necessary to eliminate it, potentially look into requesting a new appraisal if you think the value has gone up from your purchase.  

As long as they are properly filled out, make the proper claims and are signed and notarized they are no different than having the original note.In this case, the LNA is more of an instrument of ownership than the governance of the debt.  

I decided to pay off debt and fix place up.  

Students must live in campus approved housing for freshman and sophomore years, and junior and senior students with scholarships are also required to do so, however juniors and seniors without scholarships tell me they are anxious to live "off campus"Since apartment is one block from university, students can walk to campus, saving them parking permit fees.Additional income could be had by putting in coin laundry, soda/snack machines, and renting out storage units in basement as well as garage space.I have a friend that currently is the maintenance man for the entire university, and he is questioning students as to how much rent they are paying to live off campus currently.OPTIONS:  Rent furnished apartments to 4 students per two bedroom and two in basement unitRent furnished apartments to 4 students per two bedroom and create common area in basement for study/recreationRent all units unfurnishedOption to raise rents by including all furnishings, cable, wifi, cleaning service etc. with them simply paying rent and electric.FINANCINGtax value (not market value) 105,000Taxes $2,200 with no exemptionsProperty currently has a 30K mortgage left of a 55k loan previously taken out to "give first child his half"Owner, due to age is most interested in payments, and leaving remainder to 2nd child for "her half" Owner has expressed the following offer :30K to pay off current mortgage, and 250K to purchase an annuity that would pay $10K/year for his and his daughters lifetime.In its present state, I question whether the property is able to be financed FHA due to condition, though it is a solid building, the maintenance has been deferred.comps on property are practically non existent.MY SITUATION:I have perfect credit, and am about to flip a seasoned home with no mortgage and expect to clear approx. 70K.I am single, steady long term employment, and have no debt.I have a realtors license in inactive status, and have hands on experience with major property improvements.I am a "Dave Ramsey" girl, and debt makes me quiver...  :-)Note: Property is currently in a Life Estate Rev.

I've tried to wholesale condos a couple of times, and the feedback I've always gotten was that ~$20K was the sweet spot for condos, just because that allows you some flexibility with debt service if you're financing.