The eventual goal is to make it a dynamic document that updates avg $/sqft but it's not quite there yet. 

You will need to work with seller and lawyer to draft up a copy of agreement.Think about it as a regular real estate transaction, however upon sale- the owner then becomes your bank.

In fact I mean staying closer to the 2% rule unless it’s already been updated so major repairs won’t be an issue.

At that point, it's a race to see who calls the client first.You might consider setting up a farm area and then using one of the mailing companies to do regular mailings to start building up a presence in the neighborhood.By the way, your broker is being VERY generous!

@Ken Konecny It was just a regular single family in town.

He regularly inspected properties in that area and knew the stock very well.   

By the book I think you still need it with updated owner info but I’d check with the city. 

Have older units and some houses looking to update.

This deal has evolved and I'll post updates here when relevant.

@Sherwin Gonzales, @Daryll Penamora, and @Hyangsoon Collins, don't forget to direct message me the email address you'd like me to use to add you to the FB group and regular meeting invites!