I've read here that appraisals are simply a tax number that are not always indicative of true value.

One lender simply had me sign a document attesting to the fact that I am the sole member of the LLC.

If the bank won't allow "and/or assigns" you can put it somewhere else in the verbiage of the contract and see if it gets thru...or, you can simply make up a fee agreement with the other parties involved outside of the two principle parties (buyer and seller)...most important - get it in writing!

Another route you could go is to find a seller who is willing to sell with owner financing, if needed to sweeten the pot a little you could even add one of the vacant lots as collateral or simply trade them one as a down payment (depending on the LTV you need to get).

I simply say this to say........if it isn't reliable and accurate, it won't help when you need it!

Please feel free to contact me via private post if you can help or simply post your thoughts to help me out on future deals.Maybe, at the very least I could point you to the house for a finders fee!

Long term, it just is not worth cutting corners in most cases- the exception being if you know you are going to teardown in the foreseeable future.

The debt service value above assumes the entire purchase price of $700K was financed - I simply offer this to compare with the example numbers already posted)Cash flow - +$130/ monthWhat if your seller carried 20% (interest only at 6%) and you commercially financed 80%?

The escrow company would collect the money and cut us our check first then he gets what is left.Is he trying to get control so he can scam the tenants?

He is a VERY straight shooter, and isn't interested the least in fixing toilets and cutting grass and 2am phone calls.