You'll need something like 125 units netting $200 per door to get there, that's about 10 million worth of multifamily in today's money, so you'll need about 3 million in down payments.

Key Deal Points:Loan Amount: $88,000Lien Position: 1st position Purchase Price: $120,000Appraised Value: $250,000Interest Rate/Return: 11% annual returnTerm: 5-year balloon (meaning the entire principal and interest must be paid at the end of the term)LTV ratio: 35.2%---Licensed Lending company for contractsRMLO package completed on buyersServicing company for payment

This friend and I have done 2–3 deals together, and there’s never been a payment dispute or even a hint of cutting him out of something.

But if those payments feel like dead weight, Dave Ramsey’s “debt-free” mindset could be worth revisiting.Here’s a quick story to illustrate.

Show the lease agreement, show his rent payment history, and show any written evidence from the tenant that he admits to being late/unpaid.

We use a third party servicer to do all of this - much easier and when starting just tracked payments in wuickbooks as servicer tracked everything else 

I was thinking I could put down the 50k so he had enough to pay off the heloc and make payments to him for the remainder to be paid off in 10 years with new renters.

Use the land as down payment on a construction loan.

Most sellers only care if you close so you can usually use another form of capital stack other than what is on the agreement, however, the seller can force you to use the originally agreed-upon payment method. 

Focus on rebuilding your credit, saving for a down payment, and learning the local market.