In this case seller owns and you both are taking huge risk that bank calls the loan(s)3. subject has a loan or mortgages and leases to you with credits towards buying.

Will some lenders allow a DSCR loan on this property as is? 

To address this, we agreed that I would work in the business for six months to verify the financials, which so far align with his POS system.My main issue is that at 23, I don't have strong financials to get a conventional loan at 75% LTV with a ~7% rate, and the seller's lack of financials complicates bank approval.

this was a regular conventional loan.

It auctioned off to some online bidder for 30k! 

The pros: - not having to do a major renovation from out of state- easier to get a conventional loan since the house is livable vs. a distressed property (would need to pay cash, do a hard money loan, some other type of financing)- can get a tenant in quicklyThe cons: - you don't know how good the renovation is, could be cosmetic without addressing underlying safety issues (plumbing, electrical, foundation, etc). - a home can pass an inspection but once someone is living in it and putting daily stress on the house (turning faucets on, light switches, turning on heat/AC etc), things can start to malfunction.

From my understanding it might have to be a personal loan, which is very expensive. 

Back in the day the auctions were in person, not necessarily online.

Lenders are seeing near a .50 basis point improvement in multi-family and mixed use loans this week. 

Looking at multi family in mt pleasant and I’m seeing all over online crime rate is very high but agents and PM’s saying the area isn’t bad.