2% rule on a 2.5mm portfolio

[Jon Rood]

I am looking at a portfolio that is mixed with commercial and residential. It has single family, commercial, storage complex, and even a car wash. I have reviewed the leases, deposit slips/bank accounts. Gross reciepts of 45000-50000 month. I also have known the guy for 15 years, he is an honest man with a great reputation in the community. I want to pay all cash, He is proposing $1mm down and owner finance $1.5mm @ 7% for 10 years. I am wondering what you guys think at first glance.
Come on Jon and Bryan, tear it apart. lol

jon