Is the loan assumable? 

Stop reading if you want.2) I couldn’t guess what “There is a 6 months of grace period before interest payment begins” means.3) They call their $3555 charge a “Loan Fee,” stated a few lines up as 2%. 2% of $235,000 (loan amount) is $4470.4) Do you seriously believe the loan fee, “… IS 100% REFUNDABLE IF THERE IS ANY DEFAULT FROM THEPART OF THE LENDER OR IF THE BORROWER CHOOSES TO TERMINATE THE LOAN.”5) It’s okay to pay an appraiser directly.

There is a local loan program, I believe it is called the MCT loan. 

Pay Down the Loan Faster:I’m considering applying $40,000 annually to the loan principal.

Too bad I was 12 years old and couldnt take out a loan lol not sure how to take this

(Keep in mind there are Fannie Mae maximums on the number of personal loans you can have - which is 10 per person.

So we would have to get a loan, pay off the seller and transfer title and then wait the seasoning period before doing a refi unless there is a bank out there that will treat it as a refi off the bat

@James JeffersonHi James,To buy out the property you need to probably apply for a loan through any lender.  

Based on the numbers seems like it was a straight forward conventional loan...any challenges?

Since the rent roll was too low, she had to secure financing through a private lender that based the loan on market rent rather than the current rent.