Originally Posted by NoSoup

Agreed.

. . . . Love has nothing to do with a business transaction - only the figures matter. ... I made the decision based soley on factual data and my experience. If this is true, I can't understand your willingness to pay 50% of your profit to an investor, but you are reluctant to pay a few months of interest. The figures don't back up that choice.

So far, I've done quite well - if I sold it today, I would net just over $75,000.00 on the deal - not too shabby. Of course, that isn't taking into account the rental income that I've earned over the last year.
Why not sell the property, and put the proceeds with the "somewhere between $35,000 - -$50,000" that you have (you do have that in cash, right?) and be your own investor? Or is that you want to start with a more expensive property?
Thanks for the advice everyone - keep it coming.

Also, I take constructive criticism well, and although I believe I have thought this through pretty well, perhaps there is some fatal flaw that I am overlooking. I'd love to hear about it if you spot it