HiI was looking at some AL properties on RTR websites in Montevallo/Birmingham area which look good on paper; $260K-$270K range and close to $350/month cash flow after PM fee.

If you can rent 3 units for $2,000 you are close to breakeven.On the plus side, you will have a highly attractive asset and several decades without much cost of capex and repairs. 

I have a deal that I am supposed to close on in 2 days. 

Ask if you title company can do a double closing and if they know what assignment of contract is.

My goal of refinancing was simply lowering our monthly spending to reallocate towards future investments.

For me as well as the seller.First, you have to define Sub to financing.Do you mean the reckless kind where you overpay for a property, take over the financing and borrow from others to cover closing costs and holding costs when you have no money, no credit, no income, no reserves and can't tell a warranty deed from a deed of trust and you close on the kitchen counteror do you meanbuying below market value, already having a nice income, having reserves, using escrow and title, already understanding the due on sale clause, have done a lot of creative purchases and know when to use and when not to use creative finance and how to recover if something goes amiss?

. - 30 year fixed terms - Usually have a Prepayment Penalty from 1-5 years, although you can price out a 0 PPP for a higher rate or fee- Minimum Credit score is 650 usually, although you could do a lower LTV loan at 620. 

Iowa you may not assign contracts for compensation attornies wont close those.. same in South Carolina..

The lower the price the more I would be willing to do some fixing up.

Since you’re committed to staying close to family, I’d suggest focusing on properties that might need a little work but have potential for appreciation in your market.