There are other cheaper alternatives - for example, with datatree you can get down to 10 cents a record."

How to Structure the Deal to Protect Your $20KIf you’re willing to cover the $20K arrears, here’s how to protect yourself:Option 1: Secure Your Funds with a Lien or Escrow AgreementUse an escrow account: Deposit the $20K into escrow with clear terms—if the assumption is denied, the funds return to you.Record a promissory note & lien: If the deal falls through, this would give you a legal claim against the property to recover your funds.Option 2: Sub-To + Wrap While You AssumeSubject-to deal: Take over the existing loan payments before assumption approval, securing control.Escrowed deed transfer: The seller signs the deed into escrow only to be recorded after assumption approval, ensuring they can’t back out.Lease option fallback: If the assumption is denied, consider a lease option agreement until another solution is found.Option 3: Negotiate a Seller Financing HybridAsk the seller to carry a small second note for the $60K equity gap at favorable terms.Use your $20K as a down payment, structured as a secured loan against the property.3.

@Timothy Frazier Yes, the only reason to use HML as a down payment is if the property is "mostly turnkey" AND you don't have the funds to renovate AND you have strong CMA comps from a real estate agent that supports that the fact that you are buying a property that is under valued AND your renovations would push that so that you could refinance.

You can do 20% down, but often won't cashflow. 

Since you're new, start by narrowing down a strategy—house hacking is a great way to get started with low upfront costs.

I would suggest taking the route of option 2 or 3, so not only are you saving over 10k in rent per year but the residents help in paying down the debt.

Seeing how you're in Florida, it's the same price I'd charge down there. 

Here's what rubs me about this situation: the market has gone down since 2022.

Which could be an open space Medical Equipment rental business, down to a Dentist's office with multiple room utility hookups.You're going have to vet this to a lower level of discussion anyways. 

I'm just trying to decide if the home is worth fixing and renting or do I just cut my losses and tear it down and use the property for other purposes.