But, in addition, I'm also a firm believer in that we create our reality.

The house is scheduled for closing next month and I will make an additional chunk of $20k after the original owners mortgage of $155k is paid off.

If I executed a Promissory note for $350k and concurrently a Deed of Trust that secures 3 properties up to $350k and if this is the total obligation owed to a lender, can the lender still hold a previously executed Deed of Trust of $100k for additional security?

If the car note is on the vehicle used for business you will want to be sure that in addition to the standard mileage rate you are deducting the interest paid on the vehicle as well.

Talk to neighbors, this is a fantastic way to gain additional information on a given subject property.

Google the Foreclosure Tenant Protection Act for all the rules and possible exceptions (eg if the rent is below market value or they are family members of previous ownerIn addition to that law, you'll have to check local or state ordinancesGood luck

(No financial affiliation, I just know, like and respect him)In addition, he'll be speaking on exactly that topic on April 16 at Black Diamond (website in signature) at our Worcester meeting, so you can meet and speak with him then.Connect with a local landlord assn, whichever is more convenient for you, and you'll have lots of resources going forward

When I went, they gave me an additional free pass, so I went again this month.I'm not quite ready to pull the trigger on an additional property yet, so I haven't really analyzed many of the deals that have come up.

Many markets are still in a down cycle.I would keep the 30 year and save the additional cash and savings for more properties.

Mike has some valid points, though I do not agree with taking it out to cash and paying both the tax AND the PENALTY (additional 10%).Also, I do not agree with others on rolling over to an IRA (unless that is your only option) but rather, rolling into a solo 401k plan which is a self administered 401k plan requiring you to have your own business without any employees other than you and a spouse (or multiple spouses if you live in Utah - J/K) :)Advantages of 401k over IRA is ability to place more in each year (contributions that is), borrowing provisions (IRA's do not have them), and company matches to contributions.If you were going to take it out and take the hit, i would only recomend doing so by rolling into a ROTH solo 401k plan.