I own an SFR rental property there and I am considering a sale. 

I started out investing in real estate a little over 2 years ago as a way to diversify my portfolio. I am still rather young (26), but have found real estate investing much more exciting/lucrative than other investmen...

Im trying to see what do buying interest of land mean? Do you have immediately possession of land and what's the redemption periods for land is it still 3 years?

I plan to buy distressed or outdated single-family homes in DC area and Indianapolis below market value to rehab and sale.

@Tony Rodriguez Assuming you are talking about doing flips, not buy and hold (since you mentioned you would be listing properties for sale) I am not sure if it is going to make sense to go through the time and expense of a cash-out refi. 

I've been looking for houses for about 8 months. 1999 Market was on fire I put down several offers on homes people would come in with cash offers and get the property or there was a huge line of offer prior to mine.My aunt actually found the house that was for sale by owner.It wasn't in the best condition but I knew I could do the work and fix it up and turn a profit on it and it sure bet renting.

Installment note terms:Principal sum today: $1.05mInterest rate: 5.1% for the life of the loanAmortization: 25 years (so about 22 years left)Prepayment penalty year 1 (this year) - 5%Prepayment penalty year 2 - 4%Prepayment penalty year 3 - 3%Prepayment penalty year 4-8- 1%One and only balloon of $26K due December 1, 2019.Simple due on sale clause.

Property is for sale.

I think sales will be flat or decline a bit but inventory will remain tight.

If it was legally yes you are obligated and they may do a due on sale on you and make you pay it off.