The second floor has 3 bedrooms and 1 bath.My plan would be to convert the garage and living area on the ground floor into additional bedrooms to make 6 rentable rooms ($6k per month total revenue) with shared kitchen.

The FHA loan I used required 1 year but the down payment assistance program I was on required 3 years to be “forgivable” with each year knocking off 1/3 of what they provided - so pretty much, each year living in the property, out of the minimum of 3 years, 1/3 of the total amount they gave me for the down payment and closing costs, was “forgiven” / not needing to pay back. 

Hey Bill, totally can relate with you being from an expensive real estate market - I moved to Columbus a few years ago (from Portland, Oregon which was super expensive) to become a full time real estate investor, and ever since, I've completed quite a lot of BRRRRs, flips, and own a successful rental portfolio here in Columbus Ohio.

If it's a sub $100k property, I'd say expect 6%-8% depending on the agent (total fees, split between the two agents).

Totally reasonable to ask for his best terms.

if it's already gone to auction, it might be too late. it's a complicated process to try to get the bank to back out of that. and as the other commenter said, all owners have to be totally on board with your plan. not only are most sellers not down for creative financing, but those being foreclosed on are typically even less cooperative (i realize that makes no sense, just how it is), and divorced couples even LESS. i think you're putting the cart before the horse here in looking for a TC. for future deals, you can find a TC in pace morby's fb group. 

So total 300, only on the W side of town, and there are currently only 12 in the wild that will count against the cap.

Michael Shea - Total Mortgage 

You don't want to buy something based on our online advice and get stuck.Personally I am not sure you would profitable in Seattle.

I'm of course going to ask the owner if the unit is legally a triplex and I did confirm on atlas.phila.gov that it is RM-1, which is good but wanted to see how I can confirm through online records that it indeed has 3 units and not 2.