I'm not sure what the best approach for this is. my lender is away so I didn't want to bother him till he returns but can the closing close be rolled into the payment?

Hey i was wondering if anyone knew any dscr lenders that would be willing to take the 2nd position on a loan, i have a property in Oakland california where the seller is willing to finance 85% of the purchase price at 5% interest, The asking is almost 4.6 million on an 18 unit apartment, i dont have the down payment for the remaining 15% which would be 689,250. the seller is willing to come down on the price and at market the apartment brings in 41,255 per month, tenants pay thier own expenses. i tried calling a couple of lenders but they said they wouldnt take the 2nd position or would only finance until 90%.

Is there any way I can make use of this to put down as down payment? 

I want all payments due on the 1st of the month.

The interest payments will be additional deductions/expenses. 

If you can maintain around a 50% equity position, your payments will still be low and you will still have good positive cash flow.

Your monthly payments?

You at least need a history of the payments made if you do not have one and a copy of each tenant's lease and any other documents they may have sent to the tenant or visa versa. 

I currently have the down payment and had it pre-approve!

I didn't have to make payment until the seller finally went to closing.