If all goes as planned I should clear my debt from my fishing business this season and have some money left over to invest with.

I recently heard in a seminar and podcast that you can use credit card debt for a down payment on investment properties.

Here is a hypothetical scenario for the borrower:Assuming the loan is against a 2-3 family rental bought with cash.New investor, first investment propertyOwned by an LLC (single member)Want to pull cash out for another deal.The single member would qualify for a conventional loan (good credit, low debt to income etc.)

Our lenders have told us that since we EACH needed to sign 'personal guarantees' on the loans to the LLCs each of our 'personal debt' for those properties shows up at 3 times what we each owe when divided up evenly. 

There is NO source available to anyone for current balance information outside of the servicer and borrower (Even the trustee/attorney only knows the reported debt amount).

I recently came across a list of leads being offered by a realtor of short sale opportunities where the sellers were being foreclosed on while having tens of thousands of dollars in equity with the home.

Aside from that, my reasons for choosing Charlotte were that :It has a strong economy with a variety of industries & a growing tech sceneThe avg rent-to-income in Charlotte is around 27%, which makes it pretty affordable for tenantsThe rent to home price ratio was relatively high (2% rule, though it looks like it may need to be more of a 1% rule, as with other places)It's generally safe, with crime trending downward over the last 10 yrsNet inbound migration was highHome appreciation was up, but not ridiculously so like some other markets (like my home state in CO)It's near to several other potentially attractive markets if Charlotte _didn't_ work out for us, like Raleigh, Nashville.All these factors lead me to believe Charlotte is going to be a good place to acquire buy & hold rental properties and try my hand at a new business.

Right now I gross around 90,000 a year income at my job plus the rental and the only debt I have is a truck paymet 540 per month (36k total loan).

I have a well thought out business plan, systems ready to go and a schedule planned to maximize lead gen at a minimal cost.

This plus the fact that the building is in a rather poor state leads me to believe that the revenue from the HOA fees and coined operated laundry machines may be going in someone's pocket rather than in maintaining the building.