Here's what I am thinking: if I CAN buy the property, ask for him to sell it to me for a lower price (like 350k -- that way he gets 100k) but then doing a prom note with him for an additional 50k by pulling out equity and paying him around a year later.Do you think this idea is smart or doable? 

The only other option would be to get a coborrower to bring the down payment or get seller financing with a lower down payment. 

I typically get multiple applications at my first open house charging top of market price.  

Charging the nose bleed prices....

All the add-ons are a la carte so you can definitely get a lot of value based on what you need.One thing I personally don't like is that when tenants pay rent, they are charged $1 per transaction for ACH use.

The man dies and left no will and the state took charge of it because of Masshealth bill.

(I know, nothing is certain but just hypothetically) and all cash out loans are not created equal. if you have a lot of equity you can borrow up to 60% with the lowest rate possible, which would be close to a half point lower then borrowing up to 75% loan to value. 

I'd focus on deciding what you want to do (flip-high risk, but potentially high return...or large loss; short term rental-more work, but higher return than long term rental; long term rental-less work than the other two, but lower return).Once you've decided which you want to do, then focus on getting the best house to meet your goal. 

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What fees to charge and returns to target?