Ideally, I'd like to seller-finance one or two of his properties to start but am open to private money or other alternative exit strategies.

Ideally I want a decent location not too far from the loop.

To @Todd Dexheimer 's  point - CIII Capital and Wells Fargo's capital markets group are the only CMBS conduits who are playing in the sub $3mm space right now. 

I'd say there's great opportunities in every market however if you're not educated on how to play at this point in the cycle you should sit on your dry powder for a while.There's a lot of dumb money in the market that will get transferred in the next correction. :)

I'd much rather go to the casino and play craps because I can only lose what is in my wallet.

We have spoken and they said they wouldn't be opposed to seller financing.Being that the current owner still owes money I know that the due on sale clause comes into play. 

They are paying way below market value for their unit and it would be ideal if I could either propose a rent increase or ask them to vacate.

Cash flow, appreciation play or ??

I play way too many video games, which I probably need to quit doing so I can focus on important things. 

.: $850 8% Vacancy Rate (average is 7-8%) 4% Management Expenses 10% Capx/Maintenance (I’d prefer 15% but I’m ok with this giving value add opportunities I've identified) Offer 1 – I want to show the seller what their ideal deal looks like with their asking price and how it doesn’t work with traditional financing that creates negative cashflow for buyer.Purchase Price: $400,000 Down Payment: $80,000 Loan Amount: $320,000 Loan Payment: $2,292 monthly (bank with 6% and 25year amm.)