The sale of our current home of 15 yrs would allow us, after paying off the remaining 15 yrs of the mortgage, to buy a smaller home with cash and have plently of cash left over to save or invest.

The son doesn't want to continue making the mortgage payments and is open to selling subject to the mortgage balance and wants $5K to pay some bills.

Our credit is just below the necessary number to get a mortgage now. 2 months ago they had a cousin who was going to buy it and we were given a 3 month warning that we would need to find a new place.

After it's built and we have renters in place, it will cashflow enough to pay the entire mortgage plus some.Also, the home has a tremendous amount of equity and will be even more after the ADU is built, not to mention the newly finished walkout basement.

I am not considering selling the place but I bought it 2 years ago and NYC market has been pretty flat ever since.I have an outstanding balance of 460k$ on a mortgage at 4.3%, which is 30 year fixed.

@Nick McBrideFirst you have to determine what is your responsibilities of paying and what is the tenants responsibilities of paying.As a general rule - the landlord's expenses/allowance will include repairs/capital expenditures/vacancy/property taxes/mortgage interest/mortgage principal/etcDepending on the county - Water and Sewer can be included in property taxes and be the responsibility of the landlord.Items such as electricity/water/gas is up for negotiation to be paid by either the landlord or tenant depending on what is said in the lease.

They are called Arms length mortgages in Canada.

I got a great tip from a Mortgage person I know.

We have very little dept almost no mortgages and are looking for loans (no hard money or high interest) to grow the business.

@Kevin Wareham also 1 more question : will the home possible loan count projected rental income as income towards the mortgage payment?