I only bought one at 27 units before interest rates soared and the fit hit the shan in my business and I was selling instead of buying so I'm no expert.  

I am not an expert on this but I do not think that would carry much weight with a bank.You are talking about a POTENTIAL income stream versus an existing proven one over time with a seasoned tenant with years at the property.Generally they will look at your DTI, money down, etc. to see if you can carry the property on your own without the tenant in a worse case scenario.

Get a good rapport going with the local expert and in exchange for the promise of a future listing, they can put you on their "not afraid to jump in with both feet" list and refer you to other great buys.

The experts here can provide the encouragement and guidance as promised by Rob G above.Looking forward to more.Thanks, Richard C

I am no expert on the subject, just making note of it for you.From what I understand, one of the rules is that the note must be fully amortized.If you don't already have these easy format purchase agreements you spoke of, it is likely that another investor in your area does, so I would start there, however, the contract is only as good as the verbiage in it, and with lack of experience, you may not have items in there you would likely want, hence, the attorney route.If you plan to make thousands of dollars flipping deals where the acquisition was with owner carried notes, why not spend the money on the attorney?

If you’ve watched Money As Debt, you’ll see how banker money works, creating cash out of thin air.This is just the beginnings of my understanding on this and I am no expert, though I do work in loans.A couple things come up for me.

Using a lease/option would button up issues like bankruptcy risk and such though so I would love to learn more if you have engaged the experts necessary.

A flooring expert was called and we have been drying the kitchen and the basement since couple of days using industrial dehumidifiers and fans.

Sure pays to talk to the experts.

I'm not an insurance expert, but I believe that any other policy would not cover you while you're doing renovations.