I am wanting to see how difficult it is to get a cash out refi on a home i have sold on contract.

My offer to the seller (please analyze and offer feedback, offering soon)-$230,000 for the house-$60,000 down (paying off lien, avoiding foreclosure, I'll cover closing costs)-Seller financing for the $170,000 balance at 3.5% ($495.83 payment to him monthly) interest only for 5-7 years (seller's choice)-If he takes the offer for 5 years, he'll net $259,749 for the house-If he takes the offer for 7 years, he'll net $271,650 for the houseOverall I think this is a very fair offer and not a bad way for him to get out of this situation considering the alternative.Property and Cash Flow Analysis based on Current RentsOffering Price: $230,000Closing Costs: ~$2,500Rehab: ~1,000 for some exterior paintingDown Payment: $60,000 to payoff lien, closing costs.

Luis, as you know everything is a pain in the *** in PR, and the government has their hand out at every turn. i think some of the issues are that rents are not that high, and finding qualified people are difficult right now, especially when people are not working. it sucks, but its the facts.unfortunately the properties don't appreciate well down there, so you would be buying for a long term cash flow play. 

I would ask for a personal balance sheet as well to make sure they can afford the payments.

If you invest out of state and are doing anything other than a wholesale I can't stress enough how important it is to have checks and balances.

Do you find flipping the multi families more difficult than the SFHs?

It'll be difficult, but not impossible. 

Sounds difficult.

If you use borrowed amount, interest rate, and term - you can check the 'principle balance' FCI is reporting with your own amortization schedule.

If you have grounds for a reduction, recent arms length purchase or neighborhood comparable sales that prove a discrepancy in value it’s an arduous, but not difficult process.