Rates on this loan have gone up in the past year, and will likely continue ticking higher...at this pace, it won't be long before this loan hits 7%+ interest.Good / bad is that while this refund check would completely wipe out this particular loan, it'd take pretty much the entire refund check to do so.In case it helps, I have no CC debt (making this student loan the highest interest debt that we carry) & 2 car loans (one is like 2.6% and the other is like 3.5% -- so both auto loans are low interest).So...save this check to go toward my first REI venture, or get rid of this loan once and for all?

Nothing is 100% but can give an idea how to possibly proceed in the most cost effective and diligent manner possible.No legal advice given.  

Owner wouldn't carry and it was about the same price as this park, like 700K or something, would have to get out my notes from the conversation to be specific.

If you are going to make up a calculation and use it in a manner not consistent with the proper use of a cap rate why not name it yourself instead of confusing people that don't know the difference?

Maybe you can negotiate your contract to have a further back closing date that would allow you to save the funds between now and then.If not, you start to get into a squirrely territory in the payday loans, vehicle liens, get-cash-fash schemes which carry high interest rates, can be dangerous, and also invalidate the terms of your mortgage if the bank finds out. 

But in any case it's important to manage in a professional manner. ie documenting everything in writing and no cutting off electricity, etc. 

Just wondering, what types of insurance should I carry on the property?  

Carrie

@Fitzgerald Hall - I'd suggest that the only important issue is whether you operate your own business with integrity, and in a manner by which you feel you've been honest and helpful with the sellers/clients, investors, buyers (etc) you come into contact with, in the course of your business activities. 

Commercial fastener supply companies carry all this.