Let me try to list all the things wrong with what you just stated:1 - You can't have a lienable PA (including a Land Contract) as long as there is an existing Lienable position (the existing bank loan) in place, that are of equal value, and if added together would be double the value of the property used as collateral on both liens.2 - The Due on Sale Clause WILL be enforced (see #1) if the original lender ever found out about this...and if you register your LC (if you don't, it won't be worth the paper it's printed on), the odds of the Lender NOT finding out are very small.3 - Whare, and most important...when, is this "cash flow" coming from?

Based on comp sales in the area I'm seeing between $350-$400 per square foot for a finished and redone unit, and rental rates for a 3br are very comfortably between $2300-$2600/mo.

@Roxanne McClainHi Roxanne,If you are going to be a Pet Landlord, you might want to think about having "Pet Rules" for the Pet owners in the lease (a dogs paw print on the lease won't hold up in court).Then if there's a violation of your "Pet Rules" you could simply remind the resident they have to follow the reasonable rules of conduct regarding their pet, or you could (possibly) serve an eviction notice for "pet rules violation" (if your local jurisdiction will evict for that).Also an animal that has attacked a person or another animal on the property might need to be removed immediately to avoid a potential liability issue for yourself.

I'd prefer my property manager bring in a new tenant, but he seems to have a firm hand so hopefully the current tenant isn't going to cause me a real headache.LINK DELETED BECAUSE IT HAD ADDRESS IN TITLE - Wish BP would let me delete the post and start over (sigh...).Details: Just under 1k sq foot, current lease is $900 a month, last year's taxes were about $64 per month. 

Investment Info:Single-family residence buy & hold investment in Fullerton. 3 bed/2 bath home one a 1100 sq foot lot

so even if I was not educated about this, if I am reading documents before I sign them, it’s there in plain sight (not fine print) —- at least at my bank in Minnesota.

Don't be the guy/gal that has to throw together a sloppy remodel and complains to your contractor(s) that the final figures are too much simply because you made a mistake on the front end by paying too much.That said, there is nothing wrong with purchasing buy and hold properties to get your foot into the market.

I need 3 new 10 foot long, one wall kitchens. 4 bathrooms, and a bunch of drywall work and flooring.

Between the house and the neighbors driveway is a 5.5 foot wide piece of land that was included in our survey but is not on the title.

I printed the page that shows it.