The soon to be wife is very adament that she doesn't want to live in a crummy place or area, so I have to find a balance between a good investment and a property that is in reasonably good condition.

Let me tell you - it used to be a WONDERFUL diverse blue collar/white collar balanced place. 

Just trying to balance properties with better cashflows along with ones in A/B neighborhoods that might not cashflow as well.  

I think the balance was 1.2 mil.. in it..

Typically, when doing an installment sale, does the seller (me) charge "interest" on the outstanding balance, or would I simply mark up the sales price to some fixed amount (which of course can be calculated using a target interest rate).thanks.

Another way you could work on creative financing is to see what the balance is on the house you own (just a word to the wise, make sure you don't over leverage yourself on your personal residence).

Flip2freedom episode 77[http://www.flip2freedom.com/a-3-step-formula-to-a-successful-balanced-and-insanely-profitable-2012/] - podcast - LISTEN TO THIS TODAY!

Don't over complicate.Take purchase price, say $150,000$1,000 Down payment$9,000 Purchase Money Note (secured by Trust Deed or Mortgage) payable X for Y years$140,000 - Subject to existing 1st mortgage (approx balance, terms per lender's Note)You could offer another few lines concerning progressive release of funds on certain events like possession, etc.Also, you could offset seller's/attorney's concern about your payment of sub-2 loan by you giving performance trust deed that you will pay 1st or AITD Wrap of 1st and purchase money note to given them more control.

. $50 off if deposit always before 1st ( miss one month and early pay discount disappears for balance of lease) .

POF:  ANY statement from a financial institution which declaresName of the institution & its addressYour name & account numberthe balance as of a specific dateAs noted above, you just don't throw these about willie-nillie so use it sparsely and with GREAT care - - suggest FAXING as a preference to EMAIL if you elect to provide such information.