Spokane seems to be a strong market, so you might face less vacancy and higher quality tenants, depending on the location.

If you can get a better rate elsewhere, do so.If you can't get a better deal elsewhere, or the timeframe doesn't allow for cheaper financing, then make sure the deal supports it before you commit.

If you're not a licensed real estate agent working under a broker, you're committing a felony in all (or at least 90%) of the states.

Many of the larger banks are putting resale restrictions on their deals, and the buyers also have to sign an affidavit at the closing table stating they don't have any deals pertaining to the property that aren't disclosed to the bank -- if you had a side deal, the buyer would be committing fraud.That's going to be the big hurdle...

I think its a strong investment but will need to research what options are out there and think creatively.Joel, I will definetly follow up with you via email to discuss our goals further, I greatly appreciate your offer to provide some advice!

Rather it was to test your theory that the lender has to accept the commission because the seller contractually committed to it.

Having a rigorous technical degree from a 4 year university is a very strong hedge against your other investments.Getting a full scholarship for maintaining a minimum very B average (hopefully you are doing better than that) is a gift from heaven that you should get down on your knees and be thankful for every half hour that passes.There are other intangeable benefits to a college degree that cannot be realized in any other way than getting a college degree.Most people do not quit their jobs to invest in RE full time.

He is a strong personality for sure, which he attributes to his time at West Point.

You need to have some reserves for repairs vacancies etc.If you are not able to obtain long term financing from the owner I would be fearful that in 6 months you may be unable to get your new loan. also, consider that if you go to get a new loan you will have closing costs that will require cash unless the owner is willing to pay your closing costs as well.You need to get concrete numbers and start putting them together in plan. sounds like you are in the beginning stages of planning. please make sure you have a solid plan with realistic numbers that work before committing to this property.I hope this helps.

So once the 1003 is loaded in, and the response comes out, that is a "Conditional Commitment" or sometimes refereed to as a "Stip List".