He would like to sell , but is in no hurry to. he did mention to us, that he was not successful selling it before, from what I gathered , for two reasons: 1) Doesn't have  tenant in place (he's an owner occupant, want to retire)2) 25% of the square feet is not that usable.I am using these as negotiation points, but trying to figure out the real market value, to justify my offer price and avoid overpaying big times

I am using a different investing method for SFR though...I don't like risking my credit for business deals.

I've been pre approved for 250k, and I am using a hero program which covers 12 thousand in closing costs and since I'm a first time home buyer I can put 3.5% down instead of 20%.

@Amy Roberts I will send you a private message on the PM i am using.

I am using Rochester Homes as they geographically make sense for me and I felt they were a great partner from a quality, service, and design standpoint. 

Funny how wild this journey has been, I went from graduating college as a Musical Theatre Major to now being a Partner in a Real Estate Investing Company, and boy am I loving every moment.

Yes you are right I am using the eviction service.

I am using this as a way of helping my family, but at the same time getting experience in real estate.

Thanks for the replies everyone...I think I am still confused though (maybe even more :)   If HUD has no deed restrictions, and I am using conventional financing, I should then be able to sell whenever and for whatever amount, is that correct?  

I am used to most people accounting for no less than 8% or one months rent to be conservative but that could completely depend on what type and location the rental is in.