Have seller carry back a second for $312k2.

Kristine Marie Poe  I have never, nor will I ever, make a loan to a home owner... all loans are rehab type loans.I agree with you...I had some pre DF owner carry back to homeowners on some of my OREO.. but I set those up on short term Zero interest notes.. and they have all but paid off..

We submitted  a preliminary offer at 700k with the seller carrying the financing. 

Typically auctions/tax sales carry a disclaimer that no guarantee of title is provided.

@Carrie GiordanoMy issue is with your agent.

As I understand it, the requirement by the lender for you to carry PMI is if you are borrowing more than 20% of the value of the property. 

This will let you factor 40% of the rent for maintenance, management, etc, etc, etc.Other ways to get into a property are to joint venture with others, find a property with seller carry back or seller financing.

But in the long term, I know being an Agent carries higher standards / TREC requirements?  

They collect the property on the note expiring, and now own the property.Most financing available today is going to be 75% to 80% LTV for commercial property. you're better off finding a property where the seller will carry back a portion of the purchase price, and then find financing that will allow that.The only way I see that working is on carefully calculated upside potential - ramp up in rents or occupancy; completing rehab, etc. it's just risky to me.

Do I take $15K of expenses now and carry the $7K operating loss forward to the next year?