To be honest I didn't expect to see many opinions in support of this so its definitely encouraging but basically what I'm gathering is that although it may not be impossible to find success in these circumstances, it would certainly be very difficult.  

I solidify the relationship today by presenting a potential motivated end buyer.I'm going to be 100% honest. I

Mr Berk,  Honesty, I would suggest getting a hard money loan on it.

He should respect your openness and honesty and have no issue continuing to do business with you in the future. 

To be honest, I think your overall repairs/capex/vacancy may be too conservative considering you're spending $10k up front to make improvements.  

Again, I really want to be transparent and fair in thoughts and assessments so please be continue to be honest (brutally honest is great!)

If the owner does not offer you the primary loan maybe they'll do the down payment amount if they trust your honesty to pay them back fairly quick (say 5 years).  

Are are referring to rates, terms, honesty, or maybe even reliability.

. - I will be switching to not depreciating - my accountant has been....and to be honest, I was being lazy and not fully understanding the repercussion......it's a good short term tax saver....but long term im kicking myself.  

To be honest I am sick of paying money for things, only to find out it was good, but not good enough, or just put me more into a hole.