I highly recommend a well-qualified REALTOR who works with investors and knows how to help you best.7.

Since you won't be able to recognize it as a valid rental if you're charging under market rent and you also expect to be covering any house expenses that are outside of her budget, this seems the best choice. 

We were very clear that we were looking for strategies and why and it all sounded good in the initial interview.

It's the best of all worlds with regard to self-directed investing!

Very likely the condo project would not even be eligible for an FHA loan.

Most advisors consider the two (2) year holding period mentioned above to be very safe, but remember it is your intent that matters. 

I specialize in investment properties, high-end homes, and commercial real estate, and I run Updegraff Group Realty, a full-service brokerage that helps investors not only find and fund deals but also manage construction, optimize returns, and scale their portfolios.Financing Your First Deal Without Using Your Own MoneyIt’s a common question, and the truth is—it’s very doable, but it requires strategy and relationships.

Very exciting you are looking to get into the RE investing world.Thanks for the interest in Rent To Retirement.

Negotiate closer to $170K with creative financing is your best bet. 

Test him and ask if he can give you 2-3 choices from his portfolio.If he gives you a line that this is his "best" one, or that the others are spoken for already - WALK AWAY!