At the very least, the OP needs more bids. 

I have a coin-op in the basement so it is only 1 set of machines to take care of.

And when you are working with someone who knows what they are doing, and they have integrity, it works out really well.I understand why or how you lend in second position, I was mostly asking the OP, why would they do it under these terms.  

This property from my OP is actually very close to Bayfront.

As such, in addition to what he does as Owner and Business Development Manager, he brought on a number of positions which included: Chief Operating Officer (Ops), Acquisitions Manager, Sales Manager and Project Manager.

People could be paid well sign a contract and then for whatever reason 8 months doen the road they had to takr a financial hit in salary or let go altogether.

The OP was for a buy-and-hold, not a flip, so I don't think that answers his question.

I did hear about penfed but their site says you can't own more than 3 properties.Also to OP, I personally think Jeff's email recommendation to bank is a bit cringeworthy and salesy..

Since the OP is getting a loan and the closing is days away, I'm guessing that a price change would kill the deal.

I know the OP asked about raising rent today, but the mistake was made 10 years ago, and continuing.