I understand that I would get penalizes 10%, and I would have to pay tax on the money as extra income, but if I find a real estate investment that has a return of 8-9%, I can have the 10% penalty paid back to me on the first year of owning the property and then I can utilize the future returns right away rather then waiting till I'm 62 with 401K. 

Wife would likely not understand, but we'd be debt free.

They have no excuse not to pay, because they can drop it off at the bank in person if they don't understand how to send it using their computer.Also, BiggerPockets has a list of online services here:https://www.biggerpockets.com/rei/pay-rent-online-payment-tools/

I understand most brokers want agents to go full-time but I honestly cant do that at this moment. 

Im not playing in SW WI, but i do in Northern WI, you really need to know your market and numbers, compas are tougher to understand, but I do well im my markets, the majority of my portfolio is either rural, or in towns below 15K people. if you have a good team and a PM that operates at a high level, those markets can be gold, but its not for everyone, its not easy, but generally there is little competition and high demand@Michael B. population of 70K is quite big in most of WI other than Milwaukee, Green Bay, Madison and Appleton, there are not many cities north of 50K populations. 

Would anyone suggest completing a formal business plan when starting a real estate business or simply understanding and following you goals and objectives?

Everything else is in order, except that the building owner has refused to allow the insurance company to add the lender as an additional loss payee (which as I understand, is both required and standard by lenders in order to be able to loan).Are there any other options here?

Unfortunately neither was really a Brrrr ... mostly because I didn't really understand that strategy when I was doing them, and I left too much capital invested that I should have cashed out (live and learn).One thing I especially appreciate about GSCU is they allow me to purchase up to 10 properties with mortgages on the secondary market before I have to go to commercial lending.

@Michael TootelianThrowing in my 2 Cents - From a lending perspective, it's important to understand if the condos are warrantable or non-warrantable.

I understand it's a slightly uncommon situation (or maybe not, it might just be my lack of experience), but I was hoping the great community here would share their opinion on this.