It sounds like mistakes were made on the properties but I'm also questioning the market (you didn't say where these are). 

It sounds like it's not in a very desirable area, based on the price and rents.

On paper, it sounds like a good deal, but I worry that you are doing this all on a spreadsheet and not in real life.

It sounds like you’ve built something really special.

I had doubts and still have some but now it sounds like those may have been necessary for their loan program after learning why it's a lower risk and FDIC insured requires that. 

@Brandon Weis Sounds good - this has been very helpful. 

It does not sound like you're in that type of market based on what you shared.

Sounds like a fun project.

I probably wouldn’t mention your third point - it makes it sound like you expect them to hold this note forever and I’m not very certain, but I’m guessing there isn’t a huge market for $100k secondary notes.Have you considered asking them to finance 90-100% for a short period of time so you can rehab and refi at a higher valuation?

hey @Jason Lowe your property sounds incredible and it sounds like you have some good ideas flowing.The BiggerPockets community has profoundly impacted my journey in real estate and investing!