Quote from @Richard Hoyte: What is a good and or acceptable amount of money to have saved up before buying your first rental property I'm aware this can vary depending on the state/area but is there a rule of thumbThank you ahead of time  Hello Richard, Your down payment amount will have a lot to do with this.If you are going with the minimum downpayment of 3 - 3.5% , you'll want to have at least a total of 10% of the purchase price (to also account for closing costs) + 6 months in reserves.

My specialty and focus is on buying sub to and you have to bring ALL your own docs, trusts, POAs, disclosures, how to add proper adendums to the purchase contract etc. 

If the buyer's strategy is to hold long term, and they are getting favorable interest or payment terms, and the value supports, offering more than ask isn't necessarily a bad thing for them.

I sent a 30 day “Notice to Writ” with the rent increase plus SD needs to be paid in full.I haven't received anything and let’s say they pay the rent increase what’s the likelihood I can evict for reasons of no SD payment ?

Save up 5% down payment.

DSCR loans are based off of down payment, credit score and either actual or market rents so it helps to supercharge an investor's real estate goals and net worth.

The loan cannot be assumed, but I am looking for any creative way to inherit that low monthly payment and allow for even greater cash flow in the future.

So, the deal may be ok, but it might not be ok for you unless you have someone you trust to guide you in that market.

I think i need 7 million to close on this property but I need gather financing for the closing and down payment. 

I would day often NO.So it’s a tricky process - trying to thread the needle.Best advice is to work with a broker who has been there and done that and can guide you thru the process. 1031s are not rocket science but there is a skill and knowledge component to successfully get one done.Also pick an Exchange intermediary and trust their advice and counsel.