Calculate the income produced by the property and subtract the expenses with the exception of debt service (Principle and Interest). 

You could take a high rate so that you get a large lender credit to cover all or most of the costs, essentially trying to get a low or no cost loan.

I stayed in contact with a former tenant and he moved in 2 weeks after she left and he has an essential job.

I would essentially refinance the home getting a good percentage of the equity in a HELOC.

@Kelly Bredlow, for me, I follow the same principle on any loan, regardless the size, or duration, regardless gap or HML or private lending.

Essentially I would like to focus on helping home buyers moving to my area for the first time purchase a home.The two questions I have are:1.

Hey @Joe Boggin - given those two scenarios, I'd opt for the leveraged property for the following reasons:1 - Mortgage benefits: you're getting principle paydown each month that is essentially forced savings of cashflow.

The kicker here is that you also knocked some principle off that loan, deducted depreciation off the tax bill and may have added 3% in appreciation to the pot.At the end of the day, if you're loaning somebody your $100K and they're good enough to pay you back, then they sure as heck will be making money themselves.I would definitely like to get into lending at some point, however I don't know that 100K is a good starting point.

But if I'm (essentially) never going to default, I might be okay just biting the bullet.

With a 30 year mortgage, it will take eight or ten years on average to reach the point where you can cancel the insurance.Joseph Zanazan What happens if the current LTV stands around 80% and i want to put money towards principle to bring it down to 78% (or the LTV originally agreed to drop PMI).