The property needs about $30k for mostly cosmetic renovations to bring it up a condition to compete favorably with other ALFs in Miami and attract tenants willing to pay higher monthly rental fees.The owner's husband is her partner in running the business and recently had a stroke and is hospitalized.

@Spencer Gray To your point about treasuries moving lower, it seems that pricing expectations haven't adjusted to this and thus are creating opportunities to buy deals with more favorable cap rate to cost of debt spreads.

I mean I'm trying to do the bank a favor :)

SFRS/town-homes usually get the most favorable terms. 70% LTV cash-out is easy to find, some may go to 75%LTV, and few offer 80% LTV.

With my credit now at 700, I'm able to lock in the best terms and favorable credit card limits.

Time may be of the essence for multiple reasons, and you will not do yourself any favors if you forget to check in with that seller when you say you will.

So do yourself a favor and do some research local REI clubs there in San Antonio.

Based on me fronting all cash, likely having to leave some in deal, I was thinking 2/3 split of profits in my favor, and 1/3 for him but would love some feedback from the community.

But said they were doing me a favor by not valuing property at the original purchase price... which they should have due to not owning the property for more than a year..anyone else have issues with what they call "mortgage seasoning"?

They would do better with you defaulting than if you performed so, you can bet the numbers are going to work in their favor and have very tight covenants to ensure if you do default, they benefit from it.