House hacking a duplex, even with negative cash flow upfront, is a great way to build equity while learning hands-on.

I have three single family rentals for three years and I now have my first horror story.

Fortunately, we didn't lose money on this property but just broke even.

BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.

Should not be that much work even if having to do manual entry. 

Quick question on those who have done seller financing:- Buying a 0.3 acre downtown fort lauderdale multi family, negotiated an around 1M price w lot of development rights, double lot. seller got it way back early 90s for pennies- got good credit 800+, w2 job etc put 40% down and mortgage bank offered 6.62% 30yr fixed (CF negative as this would make current rent roll not too much compared to the PITI)- property is in ok condition, needs 20-30k repairs which seller OKd, and all 3 tenants are month to month, pay bit under market but also ok- seller would like to do seller financing, interest only at 5.75%, 30yr amortization at 7yr balloon (CF would be positive) - id be paying some principal as well, just to grow some equity- buying this deal for the future development of the area (las olas, kushner broward crossing) so not really worried even if we overpay for it now, but never done creative finance as i always relied on a strong W2 job to get good loans but obv im used to 3% 30yr rates from covid times not this 6+ environment..Goal is to hold the property 3-5yrs, and then actually develop it or sell half the land / refinance, pull out HELOC if it appreciates.Questions:1) What does he know that i dont? 

Though it may cash flow well based on their current debt service, when you compare the income it produces to the equity they have is it actually even a good investment for them from an ROI perspective or would they be better off liquidating and redeploying?

I've heard this stat or stats like it before and while I would suspect a very high percentage of millionaires got that way through real estate and maybe 90% have used real estate in part to become a millionaire, I sincerely doubt that 90% of millionaires got to be millionaires exclusively or even predominantly through real estate. 

He's refusing to communicate because he wants you to panic and (a) release him from his lease, and (b) possibly even compensate him for the impact to his health, his requirement to move, etc.2.

Obviously rates may differ than the rate sheet being advertised but just looking it appears the home equity and home equity loans are going to be more than a second mortgage or even a cash out refinance.