I get paid on tenant performance, and if they don't perform, I will evict as quick as possible.

Generally, you will lose the EM if you do not perform per the contract.

I purchased a quad, a few duplexes, a 14 unit building, and a 10 unit building all with hard money and then later refinanced into bank loans or sold them as performing assets to other investors.  

We charge just a flat fee and I'll help you fully underwrite the income, credit, debt, ability to repay, so that you have a high probability for a performing note.

If not you could sell the note as non performing but would likely only get 5-10c on the dollar depending.Your mom also could  sell the property that she wants to your sister to live in and your sister, assuming she has good credit, could do a 203k loan to rehab the property.  

I sold a turn key near Irvington and it's been a good performer.

If you're going to be able to put it to work performing better than it is now, then I'd consider selling.  

I know all about taking a poor performing rental and turning it a great performer through rehab.

HI Jonathan,Since conventional owner occupied on a duplex will require 15% down min and 25% down on triplex to fourplex you would be limited to FHA financing in most cases.3.5% down payment on 250k is 8750 which should be sufficient given the amount you mentioned you have above (25k).Yes you can use the rental income.The appraiser will need to perform a rental survey on the gross rental rates in the area.

It is a beautiful area with a lot of high end homes.