I purchased the property roughly 5 years ago.

The larger the purchase price the greater the spread you need between purchase price plus holding costs plus rehab cost and ARV.  40k projected profit on a 600k project is too skinny for me. 

@Allan Guerra, at least in Ohio, you cannot receive a commission based on the purchase price of a property without being a licensed real estate agent.  

I purchased the property from the Shelby County Land bank. 

In about one year, we intend to make our second real estate purchase, which will be a more permanent home for us.

Us: We want to buy the property, fix up the (3) apartments not occupied by her parents to generate rental income.QuestionsMy thoughts are to work out a deal where we purchase the property from her parents without taking a loan from bank.

She sent me a letter from Commercial Property Advisors, Peter Harris, which stated she had approval for funds sufficient to cover the purchase price and below it listed a Wells Fargo business account showing funds in excess of the purchase price.

Purchase price: $150,000 In the process of buying 1.21 acres in Isabela, Puerto Rico.

Since then, I've purchased 7 properties in my local area.

You can open a credit line there and get an additional 5% off of your purchase.