Any help/explanation of this concept would be MUCH appreciated!!!!

I have researched articles about cap rates but was wondering if someone could give it to me in layman's terms with specific examples and explanations of how they affect the overall evalutation when trying to figure out whether or not to buy the property.

@Brenton Way Here is a link with an explanation and some examples.

@Andrew Postell, I think it would be hard to find a better explanation of Delayed Financing.

Flat fee would be nice.....or some reasonable explanation of fees. 

yes, your explanation did help

That’s the progression from Unconscious Incompetence to Conscious Incompetence.Here's one explanation of this concept.7.Practice these skills any time you can, on anyone.

Still, hopefully my example and explanation illustrates the concept.Hope that helps!

I understand he has no income, but if that were to change, and he provided a LOX (Letter of Explanation), you would be surprised what lenders can forgive, especially when there is SO much equity in the property, and it's an owner occ. 

Great explanation.