If they lower to what you purchased it for then it will save you that much more in taxes.Now if you are looking to resell the property any time soon then you might think about just leaving it.

I would also ask what they can do for you as you progress in your relationship (lower interest rates, longer calls, lower downpayment, etc.).

As your payments would be much lower you could put the additional cash savings into your new project or into a reserve account for that property.

The weirder it is the lower the price.

I have more than enough funds for it to be vacant forever but......But when do you lower the rent price?

(trying to lower it from the 8% we've been preapproved at) Mortgage will be apx. $650, giving us apx. a $200 profit each month.

This is great information.Just to clarify, the benefit to finding a deal with more equity in it is that the purchase price will be lower?

Well the subject to appraisal condition is trigger allowing you to A. back out of the deal or B. or back to the negotiation table and show proof to the seller that the property is not worth $500k but rather $25k less and him either has to lower the price to the appraisal price or the deal is off because one or all your conditions on the contract were trigger.They basically allow you to back or renegotiate the pending deal.

Although the lower the LTV the better the rate and payments.

I would look for something much more economical/practical as values are lower and target audience may tend to include investors moreso than retail buyers.