Michael,Construction loan programs are fairly simple and in some cases the answer to little to no inventory.

How did you find this deal and how did you negotiate it?

The owner’s mortgage balance is $315K and they have an interest rate of 3.5% and the PITI is 2126.

But these days, even the 1% rule is often unrealistic and pushes you toward terrible areas. 

Quote from @Eric Fernandez: Super fired up to join the community and begin my section 8 BRRRR journey!

Sounds like he will be the "GP" and you as parents will be the "LP".

I'm guessing it's the winter and the location.

@Frank Alfano agency debt is very competitive (75-80 ltv, non-recourse, fixed-rate etc); you can syndicate and raise the equity portion needed from friends and family, provided you can market and lead the project.

I have sold mobiles with land and never had a problem.

Sometimes people order subscriptions for data, information, services and later decide not to renew.