Additionally, I'd love if anyone could help me to make sure that my math adds up correctly.The unit is  6 unit multi-family(which if I'm not mistaken crosses a threshold into apartments from a multi-family home) built in 1830 which is fully leased.  

Hi,Am i mistaken or the only reason to chose a shorter loan term when longer term can be paid off early anyway is if the rate you can get is significantly lower on short term. 

If I am not mistaken, the zoning doesn't permit full edge to edge, as older house on this block were built, but only 55% coverage.

However, what you have proposed to your family member, if I'm not mistaken, is a 25% cash on cash return in a matter of 30-40 days. 

The seller does not want to sell to this person though, claiming that the first right of refusal was mistakenly put into the contract by her attorney.

@Jim Piper , totally agree with you about a "foreclosure" not being a REO, but I also think you are mistaken about it being a foreclosure if you're dealing directly with the seller, that is what I would call a pre-foreclosure.

Once the course was over, the students had access to the instructors through appointments and email until a year had passed from the course startdate if I'm not mistaken, but they've been helpful by assisting students with their deals even after the time expired and they just split the profits with the students for assisting them.

Then if I not mistaken the next step is to try to find out what it is they are looking for.

Please let me know if I'm mistaken on this point.

The 75% is a Fannie/Freddie maximum on refi's for a single family, if I'm not mistaken it is 70% for 2-4 family's.