I had a real estate agent tour the property for me while taking videos/pictures, an inspector do the report, and then a property mgmt company handle mgmt. 

Hey Josip,I would also consult with your CPA on this, as I'm sure he has a preferred entity strategy and would make things easier to handle if you are on the same page.

They have some money in their pocket and steady income and you handle the headaches.Then you begin the work of turning the property around.

Mark,If you are used to and have the infrastructure (people and systems) and the guts to handle C-D properties, then by all means get the deal as this sounds like an awesome opportunity.I was able to get 2 buildings - a 36-unit and a 24-unit with no money down - exactly taking over the mortgage payments of the seller.

As I said, if you don't have the controls in place to handle it, it may be wise to avoid.Those properties have been sitting on the market for quite some time too.

Verses a Line of Credit that is not a mortgage but rather a credit line given by the bank.I think the LOC is probably how I want to handle this verses another "loan" that has more costs involved.Are interest payments deductible whether it's taken on the primary or an investment property?

How do you usually handle that lead?

The one they found had a specific program and could handle 3-season VHs as well as cabins - among other things.

@Justin Thompson is correct - you may end up paying for both appraisals depending on how the first lender handles the cancellation.

I'm curious how most investors handle their rehabs/remodels.I have a space that needs completely gutted and it is going to be a big job.