@Joe Gore,All bets are off if you have already been sued, that's what I was talking about by court orders.

If you're betting on appreciation, you might do ok.As far as why someone else didn't buy it, you never know.

Any improvement in vacancy rate is mostly profit the way I calculated your expenses.

As for buy and holds unless you're a seasoned pro at it already BP has put together a great set of calculators for Plus and Pro members and I use them to evaluate potential deals.

The IRS doesn't get the note terms.If he refuses to close you have him on a valid contract, he won't want to go to court for performance, nothing personal, it's just business.If he closes he can come by personally and pick up his payments, I'd bet he gets tired of that.

I used BP B and H calculator .

I suggest if your using a broker do your search on the bank their using and whatever home you looking to purchase use the analyzes on bigger pockets:http://www.biggerpockets.com/real-estate-investment-calculator

If you don't have the cash to do this, get a financial calculator and figure out what payment it would take to get you to a 80% LTV within say 24 months or 36 months.

What would be my best bet as to start up money or money up front ?

Some investors use it to filter prospects, some private lenders use it as a threshold for their terms, etc but other than that, it's just an indicator.When I analyse a project, I always work backward from the minimum profit I want to make....next is ARV.....from there, I calculate all other expenses (including closing costs on the purchase and sale) and work down to the bottom line.I use a private lender that doesn't know or care about the 70% rule so I don't use the rule.