We asked seller what if the tenant does not leave on that day, and sell agent said according to the contract we are not asking seller to have the property vacant so its not their problem after closing. and they insist the tenant will leave on 4/5/2018 which doesn't mean anything to us.

First of all get the house for around $85K or less since he insisted on no creative deal.Many people will get a Heloc to fund a down payment...... also get an inspection.

Because of it's use the Fire department/Bldg Inspector insisted on a security system with alarm monitoring direct to the Fire Station.

The owner turned down an offer for $625,000 from a different buyer yesterday and the agent is insisting this is a 20% cash on cash deal with 30% down over 20 years.

He insists since I am not making it a bedroom I do not have to worry about egress.

1) I would advise against going into business with family or friends, when large sums of money are involved somehow people just become irrational and take advantage of pre-existing relationships... but if you insist I would highly recommend that you write up some type of partnership agreement and have each partner have their own lawyer review it.2) If you want a partnership but have no idea what each person's role is, I have to ask why have a partnership at all?

That hard money lender will insist on being in first place and my even require there are no other loans recorded against the property.

I was leaning towards ST and my sister insists that LT will pay off since contracts will be 12 months +. 

This is just another reason we don't install carpet in a home/apartment unless the owner (if we are managing for them) absolutely insists. 

The seller is basically telling you that they can't get their price and they are frustrated and decided to sell on their own...Sellers sometimes just don't listen to their agents and insist on listing at a price that's too high for the market and the property's condition.If a price is too high, buyers won't request to see the property.If the price is slightly high, buyers will come but won't submit offers.If the price is spot on, then the right buyers will submit offers.If the price is at a slight discount, there will be multiple offers.Also, and most importantly, the best offer usually comes in within the first 2-3 weeks.