But, that leaves the mortgage in your name whcih I see as a layman leading you into issues with co-mingling and alter-ego...So, learn how to properly operate the LLC to maintain your corporate veil.One common loan being used is dscr. 

.- consider baking into the rest biweekly housekeeping, so that you know that the property is being kept up with (prevents pest issues), and you won't have to deal with any quarrels over who's cleaning the common areas more than who.- always have the parents co-sign the lease.- make a manual for them. what would your own kids be calling you about when they first move out on their own?

if you are going to add value and cashflow the Laundromat, I'd assume that having the business produce the funds from profit to pay off the owner's note would be somewhat straight forward.If the deal makes sense and the cashflow is there I'd think a cary back would be a good way for the seller to get the number they want and for you to bring little or no downpayment.

If it's a holding fee, however, it's a quid-pro-quo and it makes more sense. 

Hey @Danny Sanchez, down payment assistance is extremely common and a great resource, especially the Minnesota Housing program!

We aren't in a sellers market anymore, and I think the reality is that it will help you get closer to market value, as opposed to negotiated against, and racking of days on market (DOM), if that makes sense! 

My lender has an option to take a second out to cover the downpayment (this might be common with many lenders, I'm not sure on that).

It makes sense why.thanks!

It definitely depends on what you might be looking to do though whether that makes sense.

If you’re getting a 6 cap when rates are 8%+ those numbers may not make sense.