Need help with structuring a deal

[Craig Kisinger]

I need help with a deal - the offer, deal structuring, and funding. Any suggestions would be greatly appreciated.
Here's the deal:

It is an REO, new on the market - asking price - $29,900 for a 2 Bed 1 Bath condo, rents are $650-$750
ARV $42,000-$44,000
The bank wants a pre-approval letter and proof of funds letter with any offer sheet

It needs carpet, paint and appliances. There was a fire a year and a half ago, the ceiling has been rebuilt and repainted. I want to pull $5,000 out of this deal. I would pay a private lender 8% for 3 years and rent it out. I have some ideas, but want some input first. Be creative, let's get some real thinking going on here!
Thanks in advance!
Craig

[John Klahn]

Craig,
Be sure to research the HOA that this condo is in. If they are in a financial bind with a small cash reserve you would be better off not buying this condo. Weak HOAs are a pain in the rear and can be costly with random assessments. Just my 2 cents.

Cheers,
John