And now with the final point: He hints that you should mention that your net worth is $1Mil on the private memorandum document so you could get into whatever deal he has.

I would then look at how long their current lease runs until, and make sure you're documenting all of their payment receipt dates after you acquire the property. 

@Brenda B.Never use a template - get an attorney to draft the proper documentation

Most private money terms I have seen are anywhere from 50-65% LTV Rates anywhere from 9.5-10.5% with little if any documentation required. 

https://www.biggerpockets.com/...12 Frequently Asked Questions (And Answers) About DSCR Loanshttps://www.biggerpockets.com/...8 More Commonly Asked Questions and Answers to DSCR Loanshttps://www.biggerpockets.com/blog/eight-questions-and-answe...What Documents Do You Need for a DSCR Loan?

You would have ongoing filing requirements with the State and would need to keep business records and documentation.

I don't think the new owner is under any obligation to refund anything unless its specifically documented ahead of the close.

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

It has the documents and everything.