How does one take the owner finance situation to a bank and turn it into a 30 year loan to hold without an additional down payment of 20 percent ?

If the security deposit is not going to cover the the water bill or damages, try to scare him into covering the balance by hinting at sending him to collections and it will appear on any future credit pulls he may have done.

@Tanner Lewis, is right, if you want to consolidate all of that debt into one loan then place all the debt so it is secured by the property, sell the property and 1031 into another property with one loan.

Would be a pleasure to learn from your experiences, your insights into the market, and enjoy a meal with a new colleague.Thank you!

In the sense that I think it should be used, it means that the risk was taken by someone else.  

The tailored terms are especially useful for unique real estate strategies like BRRRR or fix-and-flips.

If I sell it, I can pay off my car and jump right into my first flip. 

Since yours is only water and heat I would recommend you charge 50% and lower the rent cost rather than factoring it into the rent price.

I only mention this because I noticed your mention of Furnished Finder, which is the only platform I list my MTR, and FF caters to 30+ day stays. 

Because I’m unable to obtain an insured title for two years, I did not plan to invest in this property until then for risk of losing my investment.