I have clients who have purchased multi family in Las Vegas and had great success over the years.

Based on what you've told us, your rate should be at prime (7.5%), unless you are over 80% LTV, then it would be prime +1.Jeff

Enjoy $45 off with code JUMPSTART45 I'm not sure if this part copied over (hard to see on my phone) :$45 dollars off with code JUMPSTART45

I wanted to offer him about $50K over what is remaining on the mortgage and go through the 60-90 day process to assume the existing mortgage.

I'll continue doing my diligence, using your posts as another guidepoint. 

Currently, a hurdle that I am looking to get over is securing lending that will also have renovation costs built into the actual loan amount.

The regulations provide both insight and ambiguity.25% or more owner of the entity; OROne who exhibits significant control over the entity.

The lender will require that you live in it for 12 months and then you can rent out all of the units after that and start the buying process using the same strategy all over again after that 12 month period.  

I even identified a viable property to do this already, but may not have my ducks in line yet to execute with a group.If I can get a fund going, I plan to scale it and do more of these projects since I have the blue print to do this over and over, but just need cash.

As far as I can tell, this may be over capacity and is also a huge red flag.