Love the trayed ceilings in the what i presume to be the master bedroom and that bank of 4 widows in the living room (?).  

The judge always presumes that the landlord is wrong, and a lot of player tenants take advantage of that.

The owner will presumably want some equity so he could just carry a second lien. 

If a lessee of real property remains in possession thereofafter the expiration of the hiring, and the lessor accepts rent fromhim, the parties are presumed to have renewed the hiring on the sameterms and for the same time, not exceeding one month when the rent ispayable monthly, nor in any case one year.It appears as you stated that without specific language to clarify the issue, once the intial lease term expires, the lease has to go to a month to month term.

(I hope to get assistance with buyers through my personal contact or maybe through BP)Is this a reasonable expectation to presume?

, it'd still take quite a while to save up for a second property, presuming you'll have to put 25% down again and don't have any other creative financing options at your disposal.Best of luck!

But, again, the good news is that this seller being an irresponsible individual is letting you presumably get a great deal on the upfront sticker price.

And if the secured parties were not paid, they would presumably foreclose.

I presume that closing costs etc. have to come out from our IRA account thus decreasing the amount we have to invest -> would have to borrow a bit more to accommodate for the difference.Any info would be greatly appreciated.

It changes the math SLIGHTLY but not enough to make much of a difference.You're paying for repairs out of pocket but that money it still part of the investment.95 + 25 + 15 = $135k and over the $128k you'd get from a 80% refi on a presumed $160k ARVIf you want to eat the 15k you're looking at 95 + 25 = $120k and that $8k might not last after costs, fees, etc on a presumed $160k ARV.