All interest rates and payment plans are custom made to work for both parties therefor creating a win win scenario.As far as partnering with the banks goes.

A balanced, stable approach often wins out in the long run.

from those I know the way they got going was to buy a 4 plex when it went up in value sell and buy an 8 when it went up sell buy a 16  then a 40 then 100 extra and you need no partners.. you grow it organically. however of course this is not pay 40k and your instantly an apartment owner..

Your ultimate goal is to create a “Win-Win” Situation, for you and the seller.

It always comes down to understanding the seller(s), building rapport, and then coming to a win-win solution - we do a lot of creative deals, on & off market and each is always unique. 

Even as a broker there are many sleazy Account Executives that try to win my business with terms or extra compensation.

The squeaky wheel wins in development so I'd recommend you staying on all communication with the city so that you can see the communication and push as the owner.

Nobody wins in that situation. 

The common theme here is win-win scenarios.

In your example, you bid $220k for the property and are the winning bidder.