Financing out of lease purchase

[Mario Ta]

I'm looking to purchase a small rental that I'm currently renting at the end of my lease purchase agreement. I'm looking for a private lender cause I don't qualify for conventional mortgage. My thoughts were 8% amortized for 30yr interest only payment. 5yr payoff. The property had some equity but need some cosmetic work. I'll be cash flowing $500/mo and will pay the lender $300/mo. Does this sound ok? Am I missing anything? Anything I need to consider