Negotiate with the seller and reduce the offer price by taking into account the cost of replacing the entire plumbing (got a qoute of 5K from a independent plumbing contractor for replacing most of the plumbing).I would really like to know from the experienced folks here in the forums what would you do in this situation or what would you recommend I do in this situation?

They have auto pay setup and it flows right into my account a few days after the payment is made.

Now as much as my parents would love for me to sock away 20-25% in that account thats just not me. 

Account Closed mortgages are usually created by mortgage brokers (especially due to new limitations set forth in the Dodd Frank act from what I understand) and mortgages are amortized over a certain period of time. 

@Eric C.It would not hurt your ability to borrow as it is still counted towards your total earned income (you earned it), you are just tax deferring it in a retirement account.

Right now we just have the rental income going into our personal bank account and a lot of the things we bought/did to the basement is mixed within our personal receipts.

You may not be able to find your best buy and hold here right out the gate but if you take on a few different angles in real estate, maybe wholesaling and flipping, you will build the bank account and then most likely come across an off market multi family and have your buy and hold.

So, accounting for Frank's question above, you should be able to calculate your MAO.We'll be interested to read about your decision.

Marvin There are so many things to consider, the way I will go about it will be by acquiring a debt weapon, home equity line of credit maybe for 20,000 and use that to pay down your principal there are some good youtube videos that will explain how to pay down your mortgage faster and save thousands of dollars in interest, but you need to have at least $500 of cash flow each month for that to work or use that to pay of a car payment faster anything that will increase your debt to income ratio so you can start saving more money each month cut down your monthly bills pay off all credit cards anyway you can i will try to get out of any car payments sell the cars buy a use one before selling the house, rent a room is a big house. obviously like i said lots of things to think about do you have kids so maybe a roommate wont work and your finances with out looking at them is hard to plan but I will try to make that house the investment get created if you have good credit that’s exactly how i started i hustle pay down my principal using the HELOC technique and when my equity become more because of lowering the principal I call my lender and increase my HELOC amount to the point that i was able to buy a house cash using the HELOC my HELOC became my checking account and i was paycheck parking all my income in the heloc is hard to explain what i did in a text but i hope this help you in getting created and into looking at more information before you sell or selling is the best way to go about it.

—Uber founder and former CEO Travis Kalanick has taken the reins of a Los Angeles-based real estate startup, following a $150 million investment through his new fund, 10100.The small firm, called City Storage Systems, is focused on the redevelopment of distressed real estate assets.That primarily includes parking, retail, and industrial properties that “will need to be repurposed for the digital era,” Kalanick wrote on his Twitter account, announcing his fund’s purchase of a controlling stake in the company.Kalanick will become CEO of the 15-person company and expects his 10100 team “to be highly involved” in operations, he said.