I may change my limits as my financing network grows, but for now I'm focused on a conventional mortgage for the first deal.

Here are a couple thoughts I’ve had, any thoughts you have would have would be great.I’m wondering if I should be working on purchasing properties or paying mortgage down to have more monthly cash flow.I have the opportunity to purchase properties with 15% into them.

Normally, when you 1031 up, to higher value property or properties, it's simpler.If you 1031 into something smaller, and did not take on a smaller mortgage, you will have some tax consequences.

So it is like financing a $40.000 each for me for 10 years at 3.99%, seems like a solid deal for an investment property “mortgage”, which usually would run a lot higher besides that no bank finances a deal that low anyways.

Now that you got help with the Mortgage from your tenants pay yourself the amount you paid for rent prior for your next deal!!!

I ran title prior to bidding and it showed a mortgage was taken out in the early 90's and I saw he paid a small amount for the condo back then so I assume the mortgage is for that small amount.  

Be sure to include an option for inspection and an addendum for financing)2) Notify my mortgage broker that we have a signed contract and to start his process & order an appraisal.3) Get in touch with a title company or real estate attorney to work up the paperwork.  

(The potential UDFI tax can be mitigated with all the traditional real estate tax write-offs; mortgage interest, depreciation, etc.) 

In the 80's and 90's 30 year fixed rate mortgages were in excess of 10%.

I hail from the mortgage industry (MLO) and have been interested in Real Estate for a long time.