I wouldn’t want to hold the loan for too long, so ideally it would be a 5 year term, presumably ballon payment at the end.

I've also assumed VA loans where little cash was used (seller had low/no equity).

Purchase price: $240,000 Cash invested: $60,000 I purchased this duplex in distressed condition using owner financing for $240K and secured a $60K hard money loan for renovations.

Because Zelle requires more data entry I would explain with the new lease there will be a small and reasonable processing fee if the tenant kept with zelle but they can still use it.

He works with us often here in Chicago, but can service loans across the country!

Quote from @Erik Estrada: There are a very small pool of lenders okay with a PadSplit.

My plan is to buy the house subject to their existing mortgage, renovate the property, refinance it and pay off their remaining loan balance using the money from the cash out refinance.

Also seems like a lot of MF sells occupied with tenants in place so you just have to comfortable with that and contracting up from and seeing inside after contracting.    1st step is to find a great lender and get pre-approved for a loan so you know what your budget is. 

Banking has changed. 30 years ago, you could walk into my bank, chat for a while, shake hands, and leave with advice or a loan check.

I'm with a third-party Property Management all over Houston managing a little over 300 Single-family or Small Multi-unit rentals!!