The most important rule is to have the cash flow of the new property be able to pay all its expenses, mortgage, AND the line of credit back.

Hard money loans typically have higher interest rates and shorter repayment terms than traditional mortgages.

While less than 10% of the mortgage industry offers 40-year mortgages, here's something to factor in: they often come in with a rate increase of 20-35 bps.Assume 35 bps.$300k mortgage at 7.25% (30-year): $2,046$300k mortgage at 7.6% (40-year): $1,996Technically, it lowers the monthly, but not by much once factoring in the rate adjustment.

It seems that there is some risk associated even if it cash flows because our names will still be on the mortgage and affecting our DTI ratio.

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

Once you master it, its an awesome tool.Like the other members say, you can easily find it online, however, i strongly recommend you watch the videos (that come with the calculator when you buy it for a lil over $100) so you can learn how to use it properly.

Why pay off the mortgage early? 

File an eviction with the court and provide the proper notices (e.g., 10-day notice to pay or vacate for nonpayment of rent).

Living in one unit and renting out the others allows you to deduct 75% of expenses like mortgage interest, property taxes, insurance, and shared repairs as rental expenses, while the remaining 25% applies to personal use.

MUCHHHH better and of course that leaves us with plenty of room to pay the mortgage payment so the lender is happy.Btw, I just wrote the Co-Living book for BP that comes out in Spring, you can sign up for it here!