Hi BP,Has anyone have success stories with using notes to pay off debt? 

The numbers look good:Location: Broadway HouseNumber of Units: 1Rent: $1,350.00 Square Feet: 1,666 Upfront Costs:Cost per Unit $95,000.00 Price: $80,000.00 Cost per Square Foot: $57.02 Cap Improvements & Repairs: $15,000.00Cash on Cash Return:19.84%Total: $95,000.00 Debt Coverage: [minimum 1.6] 1.78 20%Down: $19,000.00Capitalization Rate (ROI)9.05%Current Assessed Value: $29,666.00 Loan Amount: $76,000.00 Net Cash Flow per month: $314.08 Interest: 4.88%Net Cash Flow per month per unit: $314.08 Term (yrs): 30Total Rent/Month: $1,350 GROSS SCHEDULED RENTAL INCOME: $16,200.00 Less: Total Annual Debt Service: $(4,826.40)Less: Operating Expenses: $(6,470.63)Less: Vacancy and Credit Losses (7%): $(1,134.00)NET CASH FLOW: 3,769 NET OPERATING INCOME - (NOI): 8,595 INTEREST: 3,680 DEPRECIATION: 3,455 NET INCOME: 1,461 Property Insurance: $1,000.00 Property Management (10%): $1,620.00 Placement Fee(30%): $405.00 Real Estate Taxes (5.06179%) $1,501.63 Repairs and Maintenance (12%) $1,944.00 Services: Snow Removal: 720 Utilities: Electricity: N/A Gas and Oil: N/A Sewer and Water: $30.00/mo Other

Don't buy a house on expensive debt then assume anything, KNOW!

So, that way I can slow roll out the raise in rents.I don't have the actual numbers off-hand, but our total Debt Service (PITI) is about $414 a month. 

Our financial specialist can help advice you with lenders here in Plano that can help you apply for home equity lines of credit if necessaryhttp://skandiaconstruction.com/f-a-q/https://www.facebook.com/peterjohannesenrippedmeof...And some more http://www.insiderpages.com/b/15257471596/five-sta...I would be very cautious.

Today I was at my Business Finance Course and we were talking about TAXES; my professor who shall remain nameless mentioned that "only ~1% of all taxes filed are ever audited" before he said that he was discussing tax deductions and how you can "tax deduct lawyer and attorney fees on business related expenses"(contract, legal and financial advice, etc.) 

Which leads me to advice new landlords to self manage so you know the business, you learn how to screen tenants, learn how to screen for financially strong tenants who will stay many years.  

@Jeff Greenberg In your example about the 60k, what kind of debt was it? 

Hey guys, Still renting until I'm in financial shape to buy but I recently need some renters advice.

As I mentioned, I want to get out of the corporate world and would ideally like to be able to do REI full-time using it both for income and long term financial security/investment.