That is tight leverage for an investment 2nd position loan.A private investor might be willing to do it, it's not going to be cheap at all & will be short-term money & will not be a line of credit to take out at your liking.What is your rate on the 1st?

A client of mine recently invested there and raves aboutt the ease of finding solid contractors who stick to the budget.One piece of advice: before jumping into any market, spend time understanding the local economy, demand drivers (like job growth and population trends), and the landloard laws.

NMLS does not regulate private lenders.

I am interested in utilizing space again for group meetings, workshops, and for clients who may still desire private space.  

If you don't have the extra cash, can you get creative with a private lender or partner stacked on bank debt? 

If you are a DST investor with Crew Enterprises formerly known as Versity, and before that NB Private Capital, and have had your monthly distributions suspended I'd like to hear from you.

I have filed for eviction on one tenant that I have placed in my career, and I was able to negotiate him out long before the court date. 99% of the time, eviction should not be a driver for whether you invest. 

. ;-) The following is just general informationIt sounds as though the seller has an investment to sell, not his private home.

For lenders, I have access to private money lenders or if you want to go the traditional route, I recommend checking out Coast to Coast - Jeff Weller. 

Another great option is the BRRRR method (Buy, Rehab, Rent, Refinance, Repeat), where you buy a fixer-upper, renovate it, rent it out, and refinance to pull your cash back for the next deal, and this is a good route because most private lenders can go higher LTV than on a rental loan!