You could structure the deal with seller financing to bridge the gap.Possible offer structure:-Purchase Price: $170K - closer to actual value-Down Payment: Low or zero down to conserve cash-Interest Rate: 3%-5% - or better yet, 0% if the seller will agree-Monthly Payments: Interest-only or deferred until the sale-Balloon Payment: Full payoff in two years when you sellIf he wants $200K, you can still make an offer of:-$170K purchase price + $30K as a second lien due at closing-Seller carries $170K at a low interest rateHe would feel closer to his number, but you still keep within reasonable investment limits.2.

Please feel free to message me and I can give you rate quotes. 

Feel free to message me separately.

They are lawyers so can appeal through the whole process essentially for free.

Feel free to dumb this down for me, I want to learn and have had this goal for a long time. 

But you also want the buyer to feel confident they can move in within 30 days.

When I say "ask the questions" i mean literally ask the prospective tenant, you will be able to get a feel for them if they are witholding or being decietful, Then go with your gut feeling.

. :)Please refer to the related thread here: https://www.biggerpockets.com/...Feel free to contact me with any questions. 

Quote from @Lee Banks: Hi my name is Lee I'm looking too buy my first rental property and but I feel as if I need a mentor to watch, I still need to learn the basics of real-estate does anyone in New York do programs or mentorships and where would you start if you first started real-estate today  Hello Lee,I'd recommend looking up local meetups here on BP, meetup.com and, eventbrite.You can also call around to speak with RE investors and professionals in your target market to begin making connections.With so much available information online, I'd recommend speaking to a few people and doing independent research before committing to mentorships.

No free and clear assets.