I paid Sense Financial for setup documentation, and there's an annual fee to remain compliant, but that's about it.

Last year we were able to knock off 15 years on a different mortgage by paying extra on the principle, we now have 13 years remaining after 3 years into the loan.  

His rent is ballpark fixed relative to inflation based on rents 15 years ago, at the expense of his personal landlord.His investment properties are all in cities that do NOT have rent control.

The remaining economic life, as determined by the appraisal, must be greater than or equal to the term of the proposed mortgage.

The question remains only what my strategy will be.

It may be a sale, but with it remaining in the seller's name, judgements and liens, voluntary or involuntary, through no fault of buyer can attach to the property. 

Hi all,A friend and I are interested in purchasing a 4-unit multi-family property together to live in and rent out the remaining 3 units within the next 6 months or so.

If your basis was 100K then of the 300K profit you would pay tax on 200K and shelter the tax on the remaining 100K.  

Then the remaining balance due in 5 years. 

If your lease states payments are first applied to late fees and court fees, then the remaining money goes to the actual rent, you can do that.