Where the SBA 7A can be used for all parts of the purchase and is generally Prime+ 2%, 10 years, the 504 (bricks & mortar only) is generally Prime -2%, 25 years. 

When the home was purchased, it was conventional loan and the basement had tenants.

Are you purchasing as investment? 

First, congratulations on purchasing your first property together.

Any amount you purchase less than you sell, or any amount of cash you take out is considered to be profit. 

Obviously, they, or the co they financed, purchased these brand names that all other major brand companies passed over.  

I've personally found the bulk of my Chicago purchases off the MLS.

Hi NidaI am very spectacle that the purchase prices you mention are anywhere but war zones.Most worth considering will start at $100K with rehab necessary.Please bewareBest Mike

I am a rookie investor hoping to purchase my first property within the next 90 days.Kwanza Hi Kwanza,The first thing you'll need to decide is whether or not you want checkbook control of your self directed IRA. 

Purchase price: $65,000 Hybrid Fix & Flip, bought, made minor repairs and clean out.