To make things more complex there are absolutely no other comps to compare it to in the area.

If it were me, I'd find another lender to compare the costs.

My wife is a realtor at Bridge Realty and it works great for her because she is basically only helping friends and family part time (while earning 100% commission) whereas Kris and others have splits comparable to 40/60, 20/80 -but also provide leads, more training and support, etc.

Generally speaking, if you don't mind the slightly higher interest rate, relative to a comparable 15 yr product, this is the most advantageous financing option in this rate environment. 

I have an issue now because my buyer is (even though they qualify for a traditional loan) is not able to obtain a loan for this property. 

To make things more complex there are absolutely no other comps to compare it to in the area. 

Is the option price you agreed on contingent on traditional bank financing or seller back financing?

I guess cheap compared to $2 million plus for small fixers over in Santa Monica .Downtown Culver City is nice , I remember when that wasn’t there .

I was surprised at the home prices out here when we bought (Dec 2017) compared to years prior but we still got a deal at 4.25%.  

@Ali Boone Cheers - not sure of my budget just yet; I'm used to having done traditional lending through banks and don't have much experience cash-out refinancing yet, but currently reading up on all that stuff and exploring options.I'm actually from Charlotte originally so I would feel a little more comfortable investing in the city....I think for OOS I would prefer something more turnkey at first unless I was very confident that I had good contacts (contractor) "on the ground."