Currently I pay 1550 monthly for rent and I have the following mortgage options with this purchase:- 2996/Month 15% down- 3406/ Month 5% DownPlease ping me a message if you’re open to having a brief conversation. 

My opinion is while not directly correlated, when banks start losing money and increase in defaults lending tightens and large losses typically will lead to more job losses.

The state is Florida.I did not consider this first mortgage an issue because I was simply going to live rent and mortgage free in this property myself, rent bedrooms, make good money and recoup my investment in short time (netting 4k income per month if you count not having to pay my current rent).

Class C and below on the otherhand, take a lot more time and local knowledge.

I see he has replied below so I think I can take it from here.

Considering their LTV is at market or debatably below market (depending on the asset), if the interest rate or loan terms aren't advantageous, I'd also suggest getting quotes from other lenders.Since you are located in upstate NY, I'd look for local banks.

Below are the figures:Purchase Price: $225,369.78ARV: $199,000.00Mortgage Balance: $209,099.44Great thing about wraps, however, is you can add equity, interest, and your own terms, which is what the borrower did here.Via adding $101,000.00 in equity, the borrower plans to sell the property for $300,000.00 for a 30 year amortization and have the borrower place a down payment of $15,000.00.

Under these circumstances, I would lean toward doing what you can before close of escrow especially if the current landlord - who has a relationship with these people - is willing to help you. 

The landords currently pay utilities which I think is insane.

I don't have a whole lot to put down but I do now make six figures in my current career and have extra money to start saving each month for whatever expense may come about.