Unfortunately, we've been self-employed in a non-real estate industry for a LONG time now and we couldn't document our income in a way that was sufficient for our lender - so we did a cash deal instead.I thought the equity in that property and in the home we own outright (about $256,000 in total equity) would be enough to reset the conversation for our next deal, but our lender says existing equity will always be overshadowed in our situation by documented income (or lack thereof.)  

Total income=5,500.

Interest is not accrued until funds are borrowed, and then only on the amount used, not the total amount available. 

That totals $59,500.  

I need to reach 6/15 with my place intact, no bs, no damage, and have her totally out by then.

The sellers currently owe a total of 128,500 on 2 mortgages (1st and 2nd), with a combined monthly PITI payment of 1150.

Your total debt will be in excess of 500k..

I'm totally with Lesley - each word is true.When I count numbers on multifamily vs SFH - it's twice better for SFH.

I just want to make sure I’m doing the right calculations.. for the cash on cash I’m doing the annual net cash flow/ total cash investment times 100 and for the cap rate I’m doing net operating income/ sellers price...Also what would be a good cash on cash return and a cap rate ratio

I’m just learning about this stuff and have totally immersed for the past two days.