If not you can do a DSCR loan or a fix an flip loan, there aren't any income requirements for either of these loans, and with $70,000 of Cash, this should be easy to get financed. 

The prior seller would have to cooperate, sign borrower authorization forms to allow you to show that the underlying note is not in default and or has paid on time for 12 + months. 

(pretty good bet things aren't going to 2% any time soon)We have wound up restructuring several notes to our benefit because the owners were really happy to have the income immediately

Not really but we aren't really seeking it like we were in the past so that might be the reason. 

I'm so worried about my assumptions being correct that I've forgotten that it isn't the end of the world if they aren't.

Additionally, I would appreciate community insights on renting out properties that aren't condos or co-ops in this area, as well as the market value.Thank you,Manon

I had not signed any agreement authorizing management services for the property. 

Here's an example of what the journal entry looked like on 12/31/2019 for the two projects I had in progress in one of my companies:In this case, I was $84K into my 21st Street project (not yet completed) and $176K into my N Morgan project (not yet completed).Now, when you run a P&L through 12/31, you see that these two amounts are credited back to the COGS, so these costs aren't recognized in that tax year.  

@Jacob KurianHi Jacob,By the questions you ask it tells me you aren't ready for foreclosures!

However, I think the majority of people aren't looking to make the beds.