Even 600k loan at 10% interest costs $165 a day.

@Chinku Chinku how is paying the loan balance down going to help you reach your goals?

Quote from @Jaikevis Reams: In order to put a property under contract I need to provide proof of funds I know that I can get that from a hard money lender but I don’t meet there criteria for a loan approval what should I do? 

This was through the Veterans Affairs home loan program.

Second home loan , conventional How did you add value to the deal?

This could be an opportunity to add value by offering to help with clearing or relocating those items as part of any potential agreement.Why This Could Be a Good Move for YouYou see long-term potential in the property, especially with the large lot and development possibilities (even if those are years down the line).As the current tenants, you have the advantage of a direct relationship with the landlord and familiarity with the property, reducing competition and risk.This could be a chance to lock in a property that you might otherwise lose if it hit the open market, especially in today’s competitive environment.Challenges to ConsiderIf the landlord is emotionally tied to the property or reliant on rental income, they may be reluctant to sell.Financing could be tricky, especially with today’s interest rates and the gap between the current rent and what a conventional loan might cost.The development potential you’re interested in is likely a long-term play, which means the property could be financially tight in the short term, especially if you’re only breaking even or slightly negative on cash flow.Structuring a Potential DealTo make this feasible, you’ll likely need to explore creative financing options that align with both your financial capacity and the landlord’s goals.Seller Financing: Propose a deal where the landlord acts as the lender, allowing you to make monthly payments directly to them.

Assuming since you did any FHA loan, this was a househack?

Learn local landlord-tenant laws, FHA and VA loans, and property management software to streamline rent collection and maintenance.

Lucy: your story shows that setting up a loan is more than just interest rate and other terms.

Since it was over 12 months with my HML, I ended up taking the property under my name with a 30-year conventional loan.