The bottom line is you shouldn't use any of these strategies without proper education or hiring a competent person to guide you AND you should have the ability to reposition the debt IF the sellers lender calls the loan due.

But it sounds like you personally own both properties. 

YatesHey Yates, I personally put all of my investment properties under LLCs.

@Dona CardenasI personally think actually owning physical real estate is the best way to go especially using leverage.  

I just sold a 1981 double wide that the tenant had totally trashed to the 3rd person that looked at it for 10K, and I think I could have gotten 15K. 

Personally, I like the lower monthly payment with a 30 and then have extra expendable cash flow on top.  

I have a GC that has built multiple houses for me personally to live in.

I would personally rather know I have another months rent for the life of the lease.

I tracked that one down and the lender they were impersonating I called and talked to personally they were shocked to say the least..

Sometimes you can file for bankruptcy for the entity and not have to file a personal bankruptcy.