Brady,When I do my screening for new tenants I would weight the rental history the most.  

Doing this results in a reduction of the effective amortization to 17.08 years (205 months).  

Quote from @Paul Azad: Beautiful property Blake, and great growing area, i drove through a few years ago, amazing scenerey and perrenial vacation spot, would you feel comfortable sharing the structure of the syndication for the investors, fees, projected IRR, or time weighted avg returns etc from a potential passive investor perspective?

Unless the seller has to be immediately out of the mortgage I see sub-to as an excellent cost reduction strategy. just reading between the lines.. but if the bank says they will take 91k for it sounds like the mortgage is in default so a sub to might not be possible.

The time for a discount would be after it's been on the market a week or two (with no offers received) or better yet just before 30 days before a price reduction takes place. 

I see price reductions daily.

May see some slight reductions but we are most likely not going from say 7% to 5.5% unless of a major economic crisis which would also cause home prices to get hit.

And personally I put way more weight on buying the right location as a buy and hold investor than saving some dollars on the front end. 

The deficit is high and does need reduction.

Do they have insurance and property tax reduction reports in their study?