If it's been a long-term tenant, we plan to have them repaint. 

cost: 1,300/mrunway: 4 months = 6,800spread: 1900all in cash: 138,800Income a year: 22800/y ÷ all in cash = coccoc: 16.43%seller sees offer: 250,000sub-to 120,000sell fin: 500 w/ 0% intrest term: 13.33 yearsdown: 50,000

@Ryan DenmanIt sounds like a Reg A offering might work for you.https://www.investopedia.com/terms/r/regulationa.aspI would speak to a Securities Attorney before making any decisions.

Or is there some other formula to get my MAO when dealing with pre foreclosures? 

Not sure what your short term rental regulations are for your area, but if HOA allows, airbnb could be a great way to acquire short-term, mid-term, or long-term roommates.  

Our group doesn't want to create a huge number of vacancies, so some of the NOI is being trimmed in the short term.

But if you decide you are going to permit it, you need to have a contract drafted that protects you in case he is negligent or doesn't comply with the terms of the agreement.

I personally have closed on a handful of properties with owner carried financing and have negotiated terms for several million in private notes for clients.

It is a rate-and-term refinance, so I was able to do it immediately.  

On top of that these markets have done very well in terms of appreciating in the last 5 year (See Memphis 50% increase, See Detroit 100% increase).