I remember reading the origination fees were much cheaper and more comparable to a HELOC and the rate was much less.

I'm being conservative with my ARV estimate, especially since there are few comparables, but it could potentially sell for 252K. 

No comparable house has been sold any sooner than 6 months ago but all close to the same age and distance.

@Derek Scott , I too think depends on the area and would be a good metric to watch when comparing houses that are close or in the same county. 

They do not teach appraisal or comparative market analysis in real estate school.

Fixing that would not be too expensive...compared with the cost of tunneling to find out where the separation happened ($$$$).Lender won't approve loan for house with foundation issues?

How much more of a factor is the market, compared to the numbers on the deal?

Thanks @Tom S.This will not be a traditional mortgage, it is a business loan and due to the debt coverage ratio they are ok with a second mortgage as long as they remain in first position.I closed on 3 units with the same lender on the 1st of October this year with my own capital. 

The cost to get a license is irrelevant compared to the earning potential.

I prefer that the seller does not go through the traditional process in order to save costs, fees and commissions and pass those savings on to me through a lower purchase price.