OR, borrow private money at the same interest rate. 

A question as conversation and benign as “how many kids do you have” counts!  

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I do plan to ask her in my follow up but I wanted to post here and get any thoughts before I got deep into the conversation with her. 

He must be talking to a few different buyers & fishing for a price.A $200k rehab budget seems rather high, even when accounting for local labor costs and assuming a 3/2 conversion.

I'd be happy to point you in the right direction if you are interested, private message me.

Are you using hard money or have you built relationships with private money lenders?

Make 110% sure that you can complete the transaction (cash, HML, private investor).Set up escrow, and have the title attorney find out the total payoff amount, and to whom it is owed.

Hence the reason for condo conversions of multifamily units.

Something goes wrong they have a small loan in the middle of nowhere taking up a big amount of their time.If you are paying 15% to hard money lender maybe you should source a private lender at say 10% or so.I know most lenders on commercial won't touch a loan under 1 million, some under 2 million. 4.5 to 5% interest are premium rates in today's environment.If you could land a 6 to 7% for loans that small in those locations then likely doing well.