I was thinking 120 days to fix and sell. 

Hello Ryan,@Ryan DosseyThis is a great learning story that shows all the problems we handled when Fix & Flipping properties.

I have lived here my entire life and have seen such a growth in my community and have a lot of questions about how I can get started investing in rentals as well as fix and flips.

We need to secure financing, and have talked to several lenders with varying options from ARMs to conventional mortgages. we've purchased several homes as primary residences, but this is our first investment property and I want to make sure we're not screwing up here.One loan we got a quote on was a 10 year balloon, 5 year fixed, with an adjustment after 5 years and then locked in again until year 10.

They are offering 89.9% LTV, all expenses paid including appraisal, and the option to fix the rate on each loan when  you take it.

I found a property I can get for about 100k and I think once it is fixed up I can sell in low 200s or rent out.

I bought a property for 51K put 20% down and got a mortgage for 40.8K fixed 5.5% over 30 years.

I'm a 50 year old Industrial Mechanic, so I can fix just about anything, and my wife is a Industrial Electrician who has went on to get her engineering degree.

It has all the usual suspects - large relocation fees if you don't renew a lease, fixed % of annual increase.I intentionally rent under market, but will be forced to immediately raise rents if rent control goes in place to protect the long term value.

Should I immediately rescind my offer and tell the seller to fix that situation and get back to me after, reassess/resubmit the offer with the eviction factored in, stay put and inquire more about the eviction, or whatever else I'm not thinking of?