NY. 5 year draw, IO for 5 yrs and PI for 10 year repayment period.

It took some negotiations.20% DP7.5% I/O for 5 yrsZero prepaySeparation clauseProjected cash flow 19K/yr as is with conservative underwritingNOTE: seller wants a 1% seller finance fee... very cunning...Actual cash should be around 30K/yr since I operate my own team.I plan to enter into formal contracts in the next 48 hours and a week later, as a formality.

For the record Oakland Park & Wilton Manors are right next to each other but to compare a sale in each respective area would be comparing apples to oranges. 

I've had very few bad apples.

I had to drive an hour yesterday to get my phone fixed at the apple store. 

This gets rid of bad apples and also lets the procrastinators know that waiting to pay rent to me  is not a good idea and is very costly with additional fees and all.  

If you bake me an apple pie and ask if its the best I ever had in life and I say, "its cool but can use different crusts", ' I'm not being mean.

Just like Apple takes your money when you buy shares of stock and creates iPhones - you are not buying iPhones you are buying shares of a company.

Thanks for the responses @Tony Talamas @Brian Burke and @Brian Davis.I received what I think is a very attractive recourse quote that was so far below the non-recourse quotes from Fannie/Freddie and others that I went for it.  60% LTV, 7 years fixed at 3.2% with 4 years of IO.  

For example, with stocks, a high net worth individual (a celebrity) can tweet, ''I hate apple products" and you could see their stocks decline in value.