Dennis, that is a really cool arrangement you have going there. 

Hit them in the cool of morning or evening.

In the case of both PLOC's and HELOC's, even if you got a higher interest rate (remember we're talking simple interest) it blows even the lowest mortgage rates (compound interest) out of the water.

Ok cool.

In a *typical* building they cover wide range of common expenses for example; management, insurance, water, sewer, garbage, fire system, elevator, janitorial, landscaping, and the list goes on.

He has absolutely no income and I am now responsible for this year's taxes and water Bill's.

We went down to Iowa and found the house full of mold because of a water leak.  

Is there public water , gas, sewer  at the street?

(maybe $5k a year)  Water/other utilities - ?

This house needs very little with the roof being good, new water heater, high eff. furnace, a/c, appliances are all less than 7 years old and according to the owner, just needs paint and flooring in the bedrooms because the carpet is worn out.