There is no reason to pay a higher rate for a llc loan 

The reason I ask is because most deals I see on Crexi or Loopnet or anywhere else create negative cash flow under 7 or even 10 year terms with 7% - 8% interest rate.

How do you go about determining market rate?

I wanted to help them out and minimize their loss and saw an opportunity to get a property slightly below market because of my commission savings, immediate mortgage and maintenance relief, in addition to keeping a lower short term interest rate How did you find this deal and how did you negotiate it?

also we do not know what is going to happen with int rates, they are very high now, the economy is not good and it is not certain they will be coming down this year. we know there will be more responsible gov spending, so maybe rates will come down, no way to know...I think you need to know the market where you plan to buy well, and go from thereBest of luck

They are short term loans, usually 6-12 months, high rate, interest only payments. 

Plus, there are upfront costs to consider, like furnishing your condo and any expenses tied to managing it as a rental.As for refinancing, it might not be the right time with interest rates where they are.

For example, my bank will sign off on pretty much anything I want to buy with 10 percent down, with a fixed rate at prime, for 5 to 7 years, with a 30 year amortization schedule.

I'm contacted by another landlord in the same town who needs help with a problematic tenant.

They made contact with me as well but I don't want to get sucked into a scam.