I want to get in to real estate investing and not sure what finance plan is the best. I owe $110K and my house is valued at around $330K. I currently have a ($120K) 30 year fixed @7.5% which I've had for 4 years. I want to get as much cash out to invest, but keep my monthly payments around the same as it is now. I plan on staying in my current home for another 2-5 years, then upgrade to a bigger home.

My neighbor has several rental properties and says he only does interest only loans on his home and all investment propoerties. My mentor who was my father just resently pasted away and was very successful in real estate investing, but he didn't have a chance to teach me. Thanks for your help.