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.

Since I dont have any experienced built to my name yet I assume any POF would have to be based on me already having a loan pre-approval letter?

When I sent the approval letter with details about utilities, move in date, and the requirement of renter's insurance, he outright refused to purchase renter's insurance.

This is how you determine the amount of your monthly payment.Will the owner require a balloon payment?

I'd ask for maybe 4.5%, amortized over 30 years, with a 7 year balloon.

Both calls were to tell me they did not want to sell the home and to please stop sending them letters.

A consultation and demand letter are not going to break you.

Have your attorney draft a letter to them stating any damage will be deducted from their security deposit and if there are cost overruns, you have authorized your attorney to file suit against them.

Balloon payment at year five.Motivation: older guy with a lot of rentals.

All seemed fine for about the first 18 month, but then I got an emailed letter on Dec 23rd from the lender that we were in default (informational - unbeknownst to me the sponsor was hiding from the bank.)