IT BECOMES A SNOWBALL ...unless of course there were extenuating circumstances... a death, illness, etc.

Pomp and circumstance is key....

@Kelly Niddrie I am sorry to hear about your child and son.I understand you want to make a lot of money quickly investing in real estate, and I cannot blame your need given your unfortunate circumstance.

No need for a lawyer unless there are some kind of unusual circumstances.

If you don't need the cash, paying down the principle on your primary gives you a 4.15% return, the money is still available, depending on how much of a HELOC you want in proportion to the equity you may have some up front costs the HELOC including an appraisal, sometimes some of this is negotiable with the bank depending on circumstances and relationship.

Also, for the future, if you are going to ask for a "price reduction" due to "unforeseen repairs" - it is best to use other terminology other than a "price reduction" or "repair requests" as some sellers may tend to entertain other offers instead, or decline your offer all together.

Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control.If you breach your Mortgage, the lender can call the Note due.Hope that helps!

However, quitting the day job is not a great idea at this point....perhaps you should read Rich Dad, Poor Dad or buy the Cash Flow game and learn about passive income greater than your bills each month....Brandon says 2x your monthly debt and I think that is smart.On the flip side, I've been married 25 yrs and divorce is a situation that I have witnessed in friends and family and it is never an easy circumstance.  

Every dollar in rent will be used for repairs for this problem child with horrible taxes and insurance and unforeseen issues.If I can float it with my full time job for the first few to keep from becoming cash flow starved and hold it for a total of 10 years, the return by year would be about: Yr 1 $ (120.73) Yr 2 $ 6.97 Yr 3 $ 139.12 Yr 4 $ 275.96 Yr 5 $ 417.66 Yr 6 $ 564.43 Yr 7 $ 716.49 Yr 8 $ 874.07 Yr 9 $ 1,037.43 Yr 10 $ 1,206.78 After 10 years, that's an annualized return of $5,118, or 1.7%.  

Third, equitable title provides me with greater control of the transaction.Sometimes the simpler path is lined w/ potholes of unforeseen circumstances.