Oh, and I forgot to mention:The list was only about 64 people and I only sent them 1 letter, with about 10 pieces of returned mail.

I would need a down payment, monthly paymentsw/interest & a balloon payment on the balance in full (5 yrs. max).

We got the house under contract for $15k w/ $1k down with the balance financed @ 6% (P&I $155.43) Payments amortized over 10 years w/ a 5 year balloon.

So, it makes sense for the seller to consider seller financing.Keep in mind, if it's hard to finance today, it will be hard to finance later on as well, so you need a fully amortized arrangement or a far off balloon to ensure a low LTV for any bank portfolio loan.I'd not waste my time with a lease option as in order to take the option you'll need financing, just mentioned that issue.

If the Note is retained (I believe there is about 3 years left on the balloon) what are the option of how that Note can be leveraged to generate capital for more Buy & Hold purchases?

Do I need cash to purchase it or just an approval letter/amount from my lender to start the process going?

If the Note is retained (I believe there is about 3 years left on the balloon) what are the option of how that Note can be leveraged to generate capital for more Buy & Hold purchases?

You could alleviate the issue with estoppel letters (letters to the tenants asking what the current terms are that they are living under, to include rent obviously, as well as other terms).

Say I have an approval letter in my hand for my LLC where I am the sole member and I want to add a 50/50 partner on the deal...is there any creative way to do this?

Now the trick becomes including those points and making their welfare the point of the letter, but blending in the fact I'm 110% interested I'm buying their house and that's what I'm after.