Most private lenders will want returns way in excess of that (think double digit interest rates), unless it's family or something along those lines.In order to make the deal work for them, you will want to structure it with an exit strategy that allows some way to convert the loan into a regular mortgage, allowing you to pay off the high interest private loan.Basically, you'll want to put together a deal just like you are doing a flip.

sounds like you are like most and need a local mentor who assists you and gets paid as a JV to your deals for x period of time.  

I'm sorry I cannot be of much assistance on this topic other than to encourage you to investigate everything that anyone tells you to the fullest.  

I would add one thing...offer the tenant some moving assistance if they decide to move out.

Any assistance would be greatly appreciated. 

Since you are working with a buyers agent, and I assume s/he is assisting with some of the sourcing of deals, you might consider this situation a learning experience as what to expect when you get into competitive buying situations.Depending on the price of property it might be advantageous to reach an agreement in advance with your buyers agent to pay them a fixed fee or % of the agreed to price when a similar situation arises.

At this scale, you need legal assistance, this can be done with a master lease arrangement and you can also secure your interest as a future advanced note/obligation agreement to cover additional money invested on repairs.

I plan to use my background in accounting, finance, and operations to begin my journey and I look forward to leveraging BP to assist in achieving my goals.  

I'm looking for a mentor that would assist me with advice and assistance with some questions I might have.

I look forward to all of your input and assistance!