Sounds like the seller has a decent amount of equity in the property, so the very first thing I'd do is to send him the appraisal and ask him to cover the short-fall.If he is motivated to sell the property and if there aren't others lined up to buy it, he'd likely be willing to contribute at least part of the difference by lowering the sales price.If he says no, and you're still interested in buying the property, I would ask him to hold a second mortgage at a low interest rate with a balloon payment in a couple years.

The seller can contribute to the closing costs, but generally can't contribute more than the closing costs, meaning you won't be able to get them to pay the closing costs plus part of the downpayment.Also, the seller can't pass you funds outside of the closing (at least not legally)...

I'm a co-contributer too on a free google site, google is a better platform that office live.I've heard good things about VRBO but just can't fork over the $350 they want yearly, yet.

10-30 yr FRM No Appraisal required No Mortgage Insurance required Max LTV 97% for 1 unit Owner Occupied Max LTV 90% for 2-4 unit Investment property Seller Contributions up to 6% with CLTVs greater than 90%

As this site expands it will likely attract an ever increasing amount of spammers who want to push their product and not contribute anything of value.

In general, you need to contribute at least 10% of the purchase price, and if the seller is willing, they could feasibly hold a seller second for 10%.

The 50% rule, 2% rule and general cash on cash returns don't make sense in a lot of people's local areas.Great info and discussion, from everyone that contributed!

J Scott, and everyone else that contributes to this great site:Thank you!!!

I want to thank everyone for all the help and expertise everyone has contributed to this thread.

You say you are learning from Bigger Pockets, but it sounds like you have quite a bit to contribute also.