I purchased a two family house in NY almost two years ago, but to purchase that home I took a pension loans and a personal loans to cover some of the closing cost ( 70k).

Really depends on your loan picture.

Meaning if you could get a deal under that it is covered . problem is most dnt know how to get low enough.

floors that are currently completely covered with old wall to wall carpet that we'll rip up once reno is done.

It's enough to cover down payments on two more properties similar to the ones that we have been buying, however we are contemplating paying off one of our duplexes (about a $95k loan) and take a quick break from purchasing to let our finances calm down and deal with a bunch of repairs and other extremely busy life circumstances that we have going on.

I will need an FHA or FHA 203k loan to help with the rehab cost since I don't enough to cover all the rehab.  

Still need floor covering, sink, and toilet to complete the bathroom.

Fortunately for us the pictures were terrible in the listing and that made it less appealing to other buyers.

The goal of the 50k is to cover TI,LC's, downtime of lost rent, attorneys fees, tenant rep broker commissions so when the space is released you are almost breakeven with the money.

If you are satisfied with him, I would make sure I cover all bases when writing out an agreement.