Quote from @Jeffrey Bourque: ARV $350,000 - $400,000 3bd 1 bath 800sqft estimate rehab $70,000 purchase price $200,000What are your thoughts and should I do it? 

There are really great REI opportunities in different markets - markets in the Midwest and Southeast of the country are particularly lucrative - where not only are the purchase prices reasonable for most RE investors, but the homes are turnkey (new builds or completely rehabbed homes, tenant ready, systems 10 years of life remaining on them, property management teams in place) with appreciating home value AND appreciating rent.

I have purchased many properties without a tenant in place.

The best I've seen for STRs is 80LTV on purchase and 75LTV on cash outs. 

Asset sold was mainly transfer of client list and contracts.Does it make sense for me to seek out a note purchaser?

I'm looking at monthly cost to seller vs. anticipated rental income, purchase price relevant to the ARV of the area and interest rate, balloon, etc.

The approach involves using a hard money lender (HML) to fund 75% of the purchase price while having the seller carry back 25% in a second-position loan, allowing you to flip the property with little money down.

Us: We want to buy the property, fix up the (3) apartments not occupied by her parents to generate rental income.QuestionsMy thoughts are to work out a deal where we purchase the property from her parents without taking a loan from bank.

This allows you to use all of the tax and deferred depreciation recapture to purchase the larger MF propertyA consolidation exchange is where you sell multiple investment properties to purchase a larger and nicer investment property, but you also get the benefit of using all of the tax you would have had to pay to your advantage.

Quote from @William Dorrough: I currently either purchase and value add large scale multifamily properties or develop, and build ground up my issue with scaling is we have done this without brining in investors i have a great deal flow with a good track record im really looking to do more i have the capacity but have the need for more capital in one way or another  Scaling without investors can be tough, especially in multifamily.