No fancy excuses, don't write a long letter.

First, you can't terminate the lease until the natural expiration date or until all parties agree.Other than that, I would just write a simple letter explaining your intent.

I also have a lender in the 7%-9%-range for commercial properties where they don't look at income or taxes and frankly don't care about the cash-flow if the loan amount is under $500k.Some will have balloon payments, others won't.

If the seller will only sell with a balloon, then demand a clause with the option to extend with no, or low consideration.I see great architecture, especially commercial, in some of the small towns in Texas.

Installment note terms:Principal sum today: $1.05mInterest rate: 5.1% for the life of the loanAmortization: 25 years (so about 22 years left)Prepayment penalty year 1 (this year) - 5%Prepayment penalty year 2 - 4%Prepayment penalty year 3 - 3%Prepayment penalty year 4-8- 1%One and only balloon of $26K due December 1, 2019.Simple due on sale clause.

Perhaps needs to request for a letter or some type of documentation for the approval as well. 

Mailed the letter, and the heir called me.

You might need to send them a letter by an attorney specifying the unsafe structure.

You just need to run this through a filter and see if it makes sense to control an asset with zero bank involvement up front...and assess what structure of the deal takes on.I just offered on a 6-unit last night...and usually keep consistent opening terms for debt-free properties: 10% down, pay sellers closing costs and all document prep fees, pay realtor commissions, at or near list price (if it makes sense), 4-5 yr balloon, 30-yr amortization, 6-7% interest.  

The common phrase I've heard over the years is the best time to buy real estate "was 10 years ago".If you buy with cash flow and have financing that doesn't have a short-term balloon, you should be able to ride out any storm and be positive on the other side.