I don't know how banks are about doing that sort of thing nowadays, but in other times it's been common to have an initial mortgage at a certain rate, and get a 2nd mortgage that is completely separate, but is a long term loan as well.

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Total Cash Invested: $500.00 plus closing fees.Loan Interest Rate: 4.00% This rate is achievable but this is today's rates, but do realize the current market trend and that this is an investment property so I would caution you, I would analyze at 5% as a mid-range.

Instead, continue to educate yourself on how to buy and manage rental properties (since that's your end goal), start analyzing deals now, and ensure that you're in a position to jump on a deal if it presents itself (save for a downpayment & protect your credit score). 

Nowadays, it's common practice to record the Assignment as soon as you get it.If you find the last Assignment of Mortgage in the assignment chain, you will find the current owner of the loan.

My wife always said I over analyze things (LOL) 

Analyze your projects, pick good neighborhoods and good tenants and make your move when you find the right project. 

If you're looking to move to a new market, reach out on the forums to see what others have been analyzing for up to date trends.

After pouring time into analyzing it, quotes from lenders and insurance agents, money into inspections, and getting attached to the idea of owning my first property, I had to realize that I needed to pull emotion out of the decision and let that first property go.

Need more context to try to analyze this deal.