When you’re flexible on the terms, you can often create a deal that satisfies both parties.Create a Sense of UrgencyIf you want the seller to move quickly, create urgency in a respectful way.

Perhaps we "buy" the house from them for the $328K balance to satisfy the lender and don't need a large down payment and then have a separate contract with them to pay $x per month until we've paid the full $172K amount.

Then, if you are not satisfied with what you find, you can explore other options, but for now, I would find out what is happening on the ground face to face.Best of luck - Chris

A FHA 203k Loan is where the purchase price and rehab costs are rolled into a single loan.The downside of using FHA or a FHA 203k is you will need to live there, for a minimum of one year (to satisfy FHA Requirements); AND because you closed personally, you will not have Asset Protection, in the form of closing in the name of a LLC.

There are a lot of websites that offer the course online, or if you have a college near you, they also typically offer a class that satisfies the pre-licensing requirement.

if something breaks, could 'resolution' mean 'thank you for your complaint - we will fix tomorrow,' and the guest is satisfied? 

If a property goes into foreclosure on a second, as Ken said you will either be buying it subject to the first mortgage - meaning it's your mortgage now - or the first has to be satisfied to take possession of the property - or the owner of the first is going to be there bidding what they are owed, so you would need to outbid them to get the property and then you are the person paying off the first mortgage. 

That being said, it can be the most satisfying and cash-flow-positive business around. 

This satisfies the rules for 1031 exchange. 

But we parted ways and while it is a lot more work, I'm learning so much AND it's more satisfying to me- to have that control, end of day.I would consider working with the right PM company again in the future.