There is an $80,000 assignment fee so we ended up paying a bit more but our only down payment towards the building looks to be 30k.

Which reduces Cap rate.4.

With a 30 year fixed mortgage hoping rates drop so I can refinance into a 15 year fixed.

How how I put myself somewhere in the middle of the deal legally in contract so I can receive my assignment fee at the COE for bringing the 2 parties together.

How much in legal fees to prepare for?

issue with small houses that worked on lots that were 5k with no hook up fees but with lot values where they are at and system development fees  IE building permit fee's small houses still need to sell for a ton to make them financially viable. 

The LOI provides clear written and agreed terms to help prepare the contract.Sales Price, Due Diligence period, financing terms, Who is paying what fees, what you are requesting for due diligence (leases, financials, maintenance schedules, etc.), Hard or Refundable Earnest money & terms for that, broker representation, title company, attorney info, etc.Best wishes to you. 

So I just bought a 8 unit building for 1.3 great deal 9.8 cap rate.

Renewing and raising rents up to market rate in the area.

@Adaze Foltz  Benefits:Direct to the source; more control over the receipt of the funds (initial and any rehab draws); able to not just establish a relationship, but also perhaps gain referrals of other private lending sources (those that are happy with the returns and payoffs - talk (boast) to their friends); faster to the table; can negotiate the terms (rate, when payments are made, other fees and when they are paid, etc.); usually nothing reported to credit bureaus.Risks:Using up the private sources money (tapping them out); The private lender didn't receive their payoffs on other loans as anticipated so they are short of funding your deal(s).