Those days are over.Of course as mentioned above location is of the utmost importance. 

It's gonna take 30-45 days to secure financing for anyone, unless of course they're using all cash.3/2/1 prepay only works against you if you decide to refi in the next 24 months. 

Of course, you can also combine both and buy, for instance, a four family that is all 2 bed units.  

I'm trying to find a good course to learn the syndication process and all of the components.

I'm an agent in Oklahoma and we have a Seller Finance addendum written up by the state real estate commission that functions just like an FHA or Conventional Loan addendum to a sales contract.This is, of course, standard when you purchase a home with bank financing.

The lake was nice at Stillwater - we would ride snowmobiles on it when it would freeze solid - and Pocono Farms had a golf course that we would hunt golf balls on - but a lot of the houses were in sad states of disrepair, which is why we lived there - they were cheap. 

Also in your area that is a little rural if its well and septic makes sure those are checked by professionalsif it has city sewer make sure you do a sewer scope on the line running to the street.. and of course make sure roof is good etc etc.and for sure you can offer what you want to pay.. they may not accept it but its up to you.also ask title company to give you current owner.. and if you want simply make a back up offer in cases the wholesaler cant close this happens a lot and you get a better deal. 

And of course remember that the 1031 must be in place prior to the closing of the sale of your old property and there are some unique reinvestment requirements for the investment/1031 portion.  

And of course he "seems to be happy with both properties"....Lol....you buy and he gets $money$. 

However, of course the good time was short lived.