Additional earnest money could be made say as $5,000 quarterly (initially 5 at the contract plus 4 more payments gives them 10% down....roughly).Payments are "paid out of closing" credited to the purchase price and non-refundable paid to you.To give the buyer a warm fuzzy feeling, give them the "first right of refusal" in the sale contract over the contract term.You can also put in the sale contract that it will be extended as necessary for lending requirements, say no more than 60 days, this gives them one year plus to ensure funds to close as any lending requirement to be met so long as they have a commitment.You need to tell your lender that you will be leasing the property as they will be getting a new policy from the agent.

All sellers I did such deals with initially were asking too much.Problem I see is that this is just a lead from letters you sent out, so there is an owner willing to sell at his price if you're willing to pay it, don't know if the owner is really motivated or not.

How I Took Tenants From the CompetitorsRecently I initiated a discussion about how I was more competitive without debt.

My lease says I only have to give 10 days notice and I've verified with an attorney this is legal.

Here is my initial thoughts (please feel free to dissect):Ask if they would be open to sellign subject to the existing financing with the seller holding a second.

As an investor you should have verifiable proof of funds to show to the realtor or seller.

I met with a local realtor in the area for an initial walk through of the property today and snapped some pictures.

My initial thought was $5,000 but is this enough?

If my cost are higher because of the large initial land purchase, than the comps/ or appraisal.

That's what you get for just rusting the manager there - trust but verify is a must...Luckily for you you weren't counting on that rent to pay a mortgage, but imagine if that were the case.