I don't remember the exact price (It was 40 years ago) but let's assume it was $4 million.

Ideally, I'd like to seller-finance one or two of his properties to start but am open to private money or other alternative exit strategies.

Ideally I want a decent location not too far from the loop.

Your mortgage insurance is obviously a lot higher, but the interest rate is also extremely low if I'm remembering right.To qualify you have to move to an area declared to be "rural" by the USDA.

Also remember that your banker can be your reference for off-market deals.

Remember, if the numbers don't work at the asking price, offer a lower number that does work. 

#RegretNotKnowingMore  Also, for those who like to put one property into each LLC....remember that when applying for loans...you could have 10 properties in 10 different LLCs...and if you are looking to get a loan for one of your LLCs, the other 9 entities are going to be looked at separately.

They are paying way below market value for their unit and it would be ideal if I could either propose a rent increase or ask them to vacate.

Remember to keep asking your questions and getting answers. 

.: $850 8% Vacancy Rate (average is 7-8%) 4% Management Expenses 10% Capx/Maintenance (I’d prefer 15% but I’m ok with this giving value add opportunities I've identified) Offer 1 – I want to show the seller what their ideal deal looks like with their asking price and how it doesn’t work with traditional financing that creates negative cashflow for buyer.Purchase Price: $400,000 Down Payment: $80,000 Loan Amount: $320,000 Loan Payment: $2,292 monthly (bank with 6% and 25year amm.)