Real life has a tendency to land somewhere in between.

What I am more concerned with is trying to figure out if I am missing any costs I am overlooking and if the deal overall sounds good from a cash flow generation perspective.I did speak to our broker who has the property on the market and he said that commercial properties have a tendency to take longer to lease out.Thanks @Andrew Davis!

What about going with the wholesaler to the closing and buying it together and then he Quit Claiming it to you at end.

I have a tendency to do this.

I know I will be voting against any supervisor that approved this regulation.As for the rent CA rent control act, it permits eviction at end of lease for major renovations. 

You may have a tendency to trust them more than a complete stranger.  

It now has been on the market over 200 days.My plan is to ask for owner financing - 0 down, interest only payments for 1st year (based on amortizing $100,000 @ 5% for 15 years - market value is currently $89,000), balloon of $5000 end of first year and continuing same scenario through 5 years with balloon of $5000 at end of each year.

Here is the offer I received.179,000.00 offer price - you would save 6-8 percent not having to give money to the real estate agent.10 % down is 17,900.00Interest rate of 4.5% I would like to do monthly payments at a 10 year amortization schedule, but pay off in 4 years with a balloon payment at end of the 4 years, this would also spread your money a little a longer.

The upstairs unit is in good shape with a little cleaning, but downstairs a previous tenant clearly had a cat with a tendency to spray in the house. 

I think that there is a tendency to exaggerate with the weight given to the Cap Rate factor.