They seem very similar in theory, but I am sure the mechanics are different.

At the time I wasn't sure of the mechanics involved with underwriting when presented with multiple properties (ie SFR and a MFR <4).So that's my story in looking at "portfolio"....Now, if you state that the only requirement is additional down, I can handle that because I would rather have a lower percentage (4%-5%) than a higher one (6%+) and especially not too much more than required to put down.

He then introduced me to Frank who was the guy who let us in and he was a mechanic who's fulltime job was to take care of all the cars...What a job!

Thanks Rob, Yeah, I know the mechanics of the "free& clear" seller financing I am looking at very well, it is as Will pointed out, the vebage and technical s I do not have a in depth knowledge of, and hence the posting.

. $900 x 4 units = $3600 (monthly gross income )$3600/ 2 (50% rule) = $1800 (net monthly)$1800 x 12 (months) = $21,600$21,600 / .07 (7% cap rate) =$ 308,571 So after I was comfortable with the valuation of 308 I estimated the repairs to be at least $20 a square foot plus all the mechanical and electrical etc. the building is 3800 sq.ft.

for the agreed upon amount.OR 2) Would you as the person paying for rehabber be able to get a LIEN against the property (mechanic's lien?)?

(Mechanics liens [not applicable here] need no suit in Wash. and can be filed in minutes Online lien filing. 

I will assume you are experienced in the mechanics of a real estate investment and focus on note specific issues.I feel the toughest parts of investing in discounted notes is finding good, professional sources and making sure the note complies with state and federal lending regulations.Be careful of discounted note investments being offered on Craig’s List or by “note brokers” that are certified through some school or program (ie guru).

Here's a basic but key question regarding the mechanics of a purchase agreement on a property needing improvements (i.e. flip).  

And after purchasing 6 homes we are familiar with the intricacies and mechanics of the offer.