if ballooning, i would try a bank or CU who can do a standalone 2nd for you to pay off that $155k only... but something 30 year amortization. if its on another property, then... different conversation.

Worked ourselves out of income here lolVacancies lowMaintenance repair requests lowNeed to cause some drama so we can start putting some food on the table lolJokes.It's interesting though how if you do a good job in property management you kind off work your way out of being able to generate more income.I guess it's a good problem to have from a performance and ethics standpoint.What do you guys think?

Off Market distressed is the way to go!   

Occupancy was way off as well.

Had he been transparent and believed in what he was selling, he would have responded with "Sure, no problem," and we would have been off to the races. 

if you're looking at 1-4 unit properties, don't kill yourself trying to create an LLC just yet. find your lender first then see if they'll require you to close in an LLC or not. single-member LLCs do not provide as much legal protection as we would like to think, so if that's your reasoning for wanting to create one right off the bat, that's just something to consider. as far as a business license, AFTER you close on the property, call the town hall and ask if they want you to have one there bc you're collecting rent there. if you're using a PM company, they will probably say no. :)

This includes raising a roof, running electrical and sewer, installing a bathroom and kitchen and finishing everything off.

I was immediately put at ease with how they would take everything off of our hands.

I am trying to accomplish the following:- I have 7 properties that have great cashflow that I plan to retire off them.- I want to talk about my retirement plans, if I should form an LLC, if I should be investing in my 401k, etc.I got this far mostly by myself and it’s to the point I need some guidance.

:) I have not done this yet myself, but we DID make a separate LLC from our other biz (nothing to do with real estate) in order to invest in future as we look for off market homes.