@Kevin Romines already hit the nail on the head for your specific question, but in general: friends don't let friends use rocket ships to get mortgages.

I think you hit the nail on the head there and have given the answer that most investors would give. $56/mo is definitely not enough cash flow, especially if it involves rehab and a refinance.

It hasn't happened yet, but at 59 yo I don't want to get nailed on gains.My QI always sends me the Instructions for Direct Deeding, Assignment of Agreement/Contract: To Buy and Sell Real Estate,  and Instructions for Tax Deferred Exchange. 

I think a big component that you can & need to nail down is cost of constructing on a site with plenty of granite.

@Christian Manhard hit the nail on the head, present a few options (just make sure they all work for you) when you sit down with the seller make sure you explain the benefits of each from their perspective as well as yours. 

You want to really nail it down, rather than "nudge," then this  should do it.

I think @Jason Lee hit the nail on the head with his response!

At this point I’m feeling a little over whelmed like the dog who spend his days chasing cars and one day he actually catches one and don’t know what to do with it 😊 I’m totally up for the challenge and plan on nailing this deal but I need some advice.Thanks in advance for all your help and feedback!

Whenever a business owner spends a long period of time polishing their prose in a business plan, I must be honest, I skip it and head straight to the financials.

-Contact HUD (BP is preventing me from listing their phone number)-Take the landlord to small claim's court-Contact the local media and tell them about the situationYou can even find a lawyer who might take the case pro-bono just to nail the landlord to the wall.