I have heard that Las Vegas regulations are very different than the rest of the country.  

They could be willing to do an equity share where, depending on the agreed upon amount of time and money invested from both parties, the percentage of the profits are split appropriately once the property sells.  

Back East, I was a HUD broker for several years and had some good relationships with regional banks, but none of those contacts can help on the other side of the country.

Agreed, since you inherited the tenants I assume you have no ties to them, so you don't have a reason to give such a huge discount every month.  

I agree with you on putting a premium on partnering.

I would agree hard money would need a lot of reassurance, especially if your new or don't have relationship.  

I was thinking a sub2 L/O type of deal and he agreed.

The KREIA meeting is tomorrow night at wood haven country club.

You can also buy a "partial" which is purchasing a set amount of P&I payments on a performing note at an agreed annualized rate of return. 

Chris - Agree with the 10% vacancy, just didn't include that much detail.