Before moving forward, negotiate better terms with the hard money lender you initially spoke with and ensure the seller is fully on board with second position financing.

With initial projections we were expecting to NET 60k/year. 

I had the initial call with a PadSplit sales person, but I wanted to talk to somebody who's actually doing it to get their perspective and advice.

Initial beneficiary is the seller and the this can transfer to buyer at closing.  

Initially you can interview and find the one that fits your needs.

I am looking at different loan options but to break even (not having to put any money of my own in the house after the initial down payment) the current down payment required is that much. 

However if you had done a warranty deed (or a special warranty deed if you still have a mortgage on it) instead, your LLC has a claim against you for the issue on the title, and you in turn can go back to your initial title insurance to fix it.Some title insurance will allow to transfer the coverage to an LLC that you own 100%, but not all of them do or they may require an additional fee.

Thank you @Jaycee Greene and @Hossein DaneshIn sum:- 42 apartment rental deal (land has potential to add 32 more on  two small building but that phase would be out of scope for this initial stage analysis).- Negotiated sales price $3.2 (seller financed)- 30% DP @ 7% / 20rs.

The main reason is that it is not initially set up for a Real Estate business like other “real estate-specific” accounting software.

Your initial terms will vary based on your investment experience, but generally, you want to plan on needing 20% of the purchase price if you're a newer investor and the lender will cover 100% of the rehab.