This second property also produced an income equal to a months rental.So it depends on the ARV, the rent/building value ratio, down payments and how much the mortgage are.

You could pull out $200K to $300K and Make a few extra payments a year and have that mortgage paid off in 8-9 years.If you pay the mortgage as a Bi-weekly and add $1000 a month you will have it paid off in 9 years and it saves around $225K in interest.

If everything goes well  on a TK you get back down payment in about 7-8 years. 2.If challenges arise payback could be 24-30 years. 

It's imperative to have a plan for covering interest-only payments once the reserves within the loan are exhausted.

Understanding one another's difficulties can lead to better solutions.Make sure that any modifications to the rent payment schedule are noted in writing, perhaps as an addition to the lease agreement.

@ the current payment, yes, i can cover it no problem.

With the out of state investing, you'll likely need to file a non-resident return in any state where you invest and earn income if they have an income tax, and may want to talk to your CPA about making estimated payments to that state. 

I say it's a bad idea, i'd rather buy different properties and use that money as down payment.

They are long term (mean low monthly payments and DTI), give you best rates (Prime + 6% or less) and they don't hurt your personal FICO, so you can keep adding businesses and grow their credibility to the infinity.But to qualify for SBA your business must be 2 years old, must establish FICO SBSS credit, must have a strong cashflow and your personal FICO must be higher than 650.

became our holy grail.We tracked payments with paper notes and consistently followed up with residents about small delinquent balances.