The time you save in not searching turns to all the aforementioned and your opportunity to pick and choose how you involve yourself in each deal; thus partnering on the great stuff and wholesaling the good.Even 2% ownership in a com or multifam deal long term could be a great start to a passive income that allows you even more freedoms (choice).ALL of the value is in the deal.

It's probably  a good deal and I'm betting there's nothing but trouble brewing in this situation for down the road.2.

The problem with that plan is the MLS has rigid rules, and guarantees for agents involved in a transaction that assures them they will get paid when the transaction closes, and guarantees them a specific dollar amount or percentage in advance.  

FHA would be your best bet though with as little as 3.75% down for up to a four-plex acqusition.

Your best bet is to bring the bank into the conversation and make sure they're okay with what you're working on with the owner.

I have encountered this several times with clients and it usually involves the wholesaler not wanting the seller to see how much they are making on the deal.

. + Repairs another $4800.Is it worth to involve my insurance company especially they are asking asbestos testing etc.

So as a 'safer' bet, we decided that using FHA loans with a 30 year-fixed would be our best option since we intend to buy and hold.

I bet many might not..

If they are floating, the may go up each year which will impact your cash flow.Your best bet is to secure a loan with a term length that is longer than your projected hold period.