In the STR world - that extra money is for the furnishings of the home.  

@Tanya Maslach What was the asking the price and what was your original offer?

It would be more like $5500 per month...and that's just the P&I.  

I see some lenders out there would just pick the "lowest" rate and the client ends up paying more than 1% of the loan amount at their closing costs.Key point is "Lowest" rate does not mean the cheapest rate  I have worked in traditional community banking for over 7 years.

What's your longer term plan for the property?

What if you pick the wrong project, or the wrong sponsor, or the economy changes, or the business plan doesn't work out. 

Converting the basement to a living space to make a duplex.

Of all the flip lenders, I think they have the best portal.

If they decide to move out you can do the remodel. 3) are the tenants in any kind of financial situation to buy the property?

-STANDARD SALE- 7,000 sqft lot just south of Ventura blvd in prime Sherman Oaks is ideal for development or remodel and add sqft The charming home is within close walking distance to some of the best restaurants this area has to offer.