I came from a very financially poor childhood where nothing was ever handed to you, you had to work to get everything and I guess that I have never gotten away from that mentality.

I work with asset managers mostly.

Hire an attorney and structure it as a debt transfer (assignment of assets).

I am very reluctant to utilize the financial information provided on the loopnet properties.

I've always dreamt about being financially free and I knew I could become wealthy one day.

I've always dreamt about being financially free and I knew I could become wealthy one day.

For most traditional banks, they'll want to see 3 years of tax returns, personal financial statements, P&Ls, and additional support (such as marketable investments, collateral, and/or liquid funds) that will show that you're able to support your responsibilities and repay all debt, but specifically theirs.

I've analyzed it these ways:  Using $0 as cashflow, it's financially obvious that I shouldn't buy the condo.  

Knowing the person you are lending to and their financials. 2.

I would think taking the equity and expanding the holdings would be the way to go...but that's just my 2cents worth...your asset do as you wish.