This is what blows my mind about the cults of seller finance - they teach you to pay anything for a home because you can put little money into it.

Whether it's a legal demand for compliance or simply an email, it doesn't really matter; just make sure everything is in writing. 

Get on a budget, build your emergency fund, pay off all debts, save up.

If I pay down $50K, how can I calculate the new monthly payment?

@Matthew Cook I would NOT pay for the renovations unless I was on title or had a very formal contract written about the split of profits.

If someone is paying cash or putting down 50%, it would "cash flow" better - there are investors in the Bay Area that have a lot of capital, not usually a first time investor that pay cash.

No fees, no pre-pay.

So really need to do some deep market research, haha, but not so willing to pay for this, at least not at this stage when I'm just starting out.

Note: We do 50+ investment property loans a month and the most important thing I tell BUYERS of properties being sold as or soon to be STR is make sure you are paying the market price per square foot and do NOT buy based on income approach/CAP rate.

I have done 3 showings with a few more lined up. 2 parties have expressed interest and I want to request your help in choosing between the options:Party1: Willing to pay $4,000 p.m.