Look through the marketplace here and you will see many. 100% agreeIn upstate NY it does NOT have to be a bad area to find what you are looking for Was just at an auction and a former bank 3 stories in perfect condition sold for 35kIt really is a gold mine but I only am there in the summer and have even better things going on in FL for my money But if that is what you are looking for take a couple days and drive between Buffalo, Syracuse and Rochester.  

What should I expect from the bank after the loan is paid off?

As one data point, I average about $10 per wash.My SBA loan went pretty smoothly after I got over the unique hurdle of conflict of interest since my seller happened to be on the board of the bank I was originally going to finance the loan with.

What should I expect from the bank after the loan is paid off?

I don't think hard money would work because with the trailer still there a bank won't refinance me out.

I've been approved for convential financing and I found a deal on a 12 unit but the bank I'm using wogn't finance anything over 4 units.

Corey.Have you tried going to local banks around you, see if they can give you a loan for the property? 

Banks and businesses should not even be taking payments! 

I'm also interested in meeting experienced investors that would be interested in working together on future investments.A little about myself:I moved from Florida to Chicago about 7 years ago and currently work in Finance at an investment bank downtown.  

Why is he offering you 40% instead of turning to a bank / hard money lender at 5-12% APR plus a few points?