But, if the furniture is already there, it's in decent shape and your friend has the ability to arrange it in an appealing way, I see no reason not to take advantage of it.

As for the $5000 that was going more for the location itself, airfare excluded as I have an arrangement with a gentleman for free airfare within the USA.

There are a ton of cheap $40,000 - $50,000 homes but they are trash and would end up costing a ton of money in repairs and be constant headaches.How would you suggest I arrange the financing to get the most bang for my buck?

Thoughts on this arrangement?

Seller, buyer, agents, and closing agent will all have to sign an arms length affidavit stating no such arrangements exist.

Your established relationship is a good thing, but keep looking, there are lending alternatives to the arrangement you mentioned.This was a pretty good opportunity and if all of your numbers are accurate, it sounds like a real "bread and butter" type of winning deal.

Residential Assisted Living (RAL) is taking off NOW.Self-Storage has and continues to grow, a side effect of more people renting multifamily rather than buying homes.Multifamily value-add continues to soar due to demand also by millenials and empty-nesters seeking less work on the house and more flexibility to spend money on travel and exeriences rather than stuff that chains them down. for us RE "investors" it's the ticket to syndication, scalability and leverage.New multifamily buildings with modern concepts with mixed-use living (offices/co-working spaces, fooderies, mixed age and walking distance living with innovative rentable electric scooters, bikes, car chargers, and light rails) all in one beautifully assembled arrangement is what attracts 12000!

As @Joe Gore mentioned, you won't be able to do this with any bank that underwrites loans for fannie or freddie, which is *most* banks that offer a 30 year note.One way around this is using commercial loans which will allow you to set up an LLC with an operating agreement that stipulates all of the details of the arrangement.

Any interest or fees on another loan arrangement likely do not fall under damages.

You will owe it, but I guess it will take months for him to arrange for someone to get a power of attorney to pick up payments.Those could be the issues when you get so smart thinking you can out smart the system, plenty of rope.Or, you could explain the error of his ways and negotiate a better deal. :)