Personal property:
Property in an investment property, such as carpeting, draperies, refrigerators, etc., that can be depreciated over a shorter useful life than the structure itself.

PI:
Principal and interest due on a mortgage.

PIT:
Principal, interest, and taxes due on a mortgage.

Prepayment penalty:
A penalty charge written into many mortgages that must be paid if the mortgage is paid off ahead of schedule.Principal:
The amount you actually borrowed, or the portion of it still owing on the original loan.

Property manager:
A manager or management company hired to run an investment property for the owner.

Purchase-and-sale agreement:
See Agreement of purchase and sale.

Pyramiding:
The process of building real estate wealth by allowing appreciation and mortgage principal reduction to increase the investors’ equity in a series of ever larger properties.