We just need to verify that you have cash for the downpayment, closing cost, and up to 6 months of the mortgage payment as reserves.

On the lease, he'll pay me $100/m over my HELOC payment and all other expenses, including the refi cost, inspections, title work, etc... 

The cost associated with insurance for not having 20% is peanuts compared to what you potentially can do leveraging your down payment. 

I've seen a situation two years ago where a new landlord had trouble evicting a tenant who was constantly late on payments because the tenant argued that the late payment terms in the lease had not been honored since the start of the lease and couldnt be suddenly enforced because of this. 

Gave me the monthly payment and I checked it against a mortgage calculator and it's exactly what that said. 

At which point our evaluation should rise on the community for closer to $4,000,000.00We've enjoyed digitizing all payments, streamlining service, as well as infilling new homes.

At which point our evaluation should rise on the community for closer to $4,000,000.00We've enjoyed digitizing all payments, streamlining service, as well as infilling new homes.

Quote from @Jaycee Greene: Assuming you pay asking price, I'd estimate the down payment for something like that using a hard money loan (HML) would be around 40% of the purchase price and your monthly payment would be $2,600 with an interest rate in the low 7% range (probably need a 700+ credit score to get that).

We've enjoyed digitizing all payments, streamlining service, as well as infilling new homes.

Consider tenant stability, including consistent payments and maintenance of the TOH.