I wanted to help them out and minimize their loss and saw an opportunity to get a property slightly below market because of my commission savings, immediate mortgage and maintenance relief, in addition to keeping a lower short term interest rate How did you find this deal and how did you negotiate it?

It's amazing how cheap it can get when you're paying physical cash and having your contractor pick it up at the warehouse.

The houses are sold very cheap, however to fix them up, you are usually investing about $30k-$100k to make them livable. 

@Troy Gandee I’ve been to Edisto and remember how cheap it was a few years ago.

For the most part, due to interest rates, breaking the 1% cap rate still won't provide positive return after expenses.

If it's already turnkey that means you're paying higher rates than necessary when you could put 20% down and get a DSCR loan with lower rates and fees. 

New-home sales hit a seasonally adjusted annual rate of 698,000.

I wanted to help them out and minimize their loss and saw an opportunity to get a property slightly below market because of my commission savings, immediate mortgage and maintenance relief, in addition to keeping a lower short term interest rate How did you find this deal and how did you negotiate it?

Another alternative here could be refinancing although it is likely your rate is well below today's rates.This is not financial advice, I am not a lender... just sharing some insights that have been shared recently. 

@Ed Lopez our thoughts:1) $65 is average hourly rate for handyman in Metro Detroit.