Whatever you offer is cash in his pocket vs losing it to an inevitable tax lien sale = no cash & eventually no where to live.Most of these 'people' are oblivious to any knowledge of financial security so I'd find out what he would take to just walk away flush with cash.

I am talking with a lender referred to me for his knowledge of a 203k loan, but want to gather as much information as possible.1.

Unfortunately, the part is no longer made by the manufacturer and I haven't been able to find an extra part "laying around" via the Internet. 

@Matthew McNeilI would add to your requirements that the Investor does NOT need the cash flow.If they need the cash flow, then this will NOT work for them.This narrows down the kind of Investor that should follow this strategy.The only added Caveat I would say is that I include your JOB as a cash flow.So if you are making a lot of money in your profession, then how is an extra $100 per month or even $1k per month going to somehow help you?

I won't rule out all housing involving HOAs as obviously there's always potential for good deals, but definitely will be extra cautious of them in terms of what rules certain states abide by in regards to them and how those terms can affect the deal.   

Above that, I pay extra to my cleaner per set of sheets used over the base amount we have set, and charge extra for the guests over the base number. 

Again, I didn't do much with the knowledge and information in the books when I got back, but it helped feed the seed that was planted 3 years prior.I bought my current residence in 2009.  

All extra contingency, inspection, credit from reno costs is applied to your principal loan amount (you don't get your $ back from Fannie Mae!).

I’m a beginner investor looking to gain a wealth of knowledge and hopefully a mentor.

What happens if/when the seller can't come up with the extra cash needed to payoff the underlying mortgage?