Ultimately, it's your wife's choice where she works, not yours.

They say "necessity is the mother in invention" ....... but your timeframe for invention is tough so let's be honest. 1.There are no good choices made under duress. 2.

Depending on the property and financing type, an LLC might be a good choice.

Now that you have some experience, I bet you could find a private lender to give you better terms on your next deal.

Or consider an attorney if you have concerns.But this seller is only looking out for their own interests, you can bet on that.

For you to disregard anyone who dares to disagree with your plan is at best foolish.....Having said that, I think it's a cool idea, but I'd bet it will cost far more than you have budgeted.

If that is the case, the problem is that sooner, rather than later, they are not going to be working and you've shown a willingness to file claims.Your best bet is to find a non-admitted / surplus lines carrier that will accept this type of risk.

currently HELOC rate is at 3.00%, down from 3.99% a month ago when the 6 month initial lock ended (i have over 9 years left on my draw period). now the rate is variable. the bank is hinting that the rate on the mortgage will be around 3.5% fixed. i don't qualify for traditional mortgage on my dti (but i do double my income with overtime and bonuses, and my wife will have a new income as well once we relocate) so our family friend is cosigning on the mortgage with me. the bank is writing it internally at 15yr with a choice between amortized or balloon. the building will need a new roof in about 5 years, and leaving $35k in the HELOC for that would keep me happy, so i'm willing to go up to $100k down payment if it makes sense. that would change my loan to $179k from $223,200, but also would tap any funds i might have for improving the property other than the roof, like fencing in the backyard and converting the third floor to its own unit. the new rubber roof would be more like $20-$25k but i like to be conservative. i have heard of people using their heloc to pay down their mortgage principal, which i could also do, but it seems to be a gimmick, and even if not may it be easier to just get a smaller loan amount to start?

Not many choices of PM's in less populated areas.

The warranty company was Choice Home Warranty.