Looking for 1st investment prop, advice would help

[Michael Diggle]

Hey everyone first time Investor in multi family property. I found property with seller financing. Asking 245,900 for the property, I live about an hour away but would prob still use a property manager. I know a private money lender that Is a long time friend of my dads and has talked to me in past about future deals together if I needed it. I was thinking for rehab costs I could borrow from him depending on how much work is needed which I don't know yet. If there are more numbers needed just ask. I'be already inquired about info on how much work is needed. fixer upper 4 unit 4 units total: $3650/mo Unit 1 = 2 bed 1 bath $775 Unit 2 = 2 bed 1 bath $750 Unit 3 = 2 bed 1 bath $725 Unit 4 = 5 bed 1.5 bath $1400 - Vacant and needs work *Off street parking for 8 cars Financing Terms: 15%-20% down 9 - 12% interest 10 year AM. $2,500 - $2,665 /mo ( Includes PITI ) Seller will Hold for 5 years I've played with some numbers and would prob have to offer 225 or less because I have to account for private loan to cover any rehab for vacant unit depending on what is needed. Right now it doesn't meet 50% rule as is listed