They told me about it a month ago and I have no clue if it was there when they got the unit or after, it never showed up on my initial inspection to buy the property.

Yes, I've already had a few interactions already; a lot more than I initially expected. 

First some questions and clarifications:1 - You mentioned the cost to buy and the current PV, which nets out an initial equity position of around $70k. 

Since you have no money in the deal, I'd suggest offering your LP investor this:LP Investor receives all their money back first, before GP gets paidAfter initial return of capital, LP gets 8% annual return before GP gets paidAfter 8% return (can change depending on the deal...), the profits are split 50/50 between you and the LP.After 12% return, GP keeps 75% profits, LP keeps 25%.

Pet fee remains during initial 1 year lease. 

Last time it was a non-performing loan in Texas where it exceeded UPB because they indicated the legal balance was so high and the initial filing had been done.  

My partners get back 50% of their initial investment.

Based on the initial project schedule I will be there full time during the week (Mon-Fri) for a year to a year and a half, and am looking into buying a small multifamily property to live in while I'm there.

Based on the initial project schedule I will be there full time during the week (Mon-Fri) for a year to a year and a half, and am looking into buying a small multifamily property to live in while I'm there.

On MLS as a forclosure, teh initial price was $240K , they asked for highest and best offer, I submitted $225K and teh countered $227.5KHow did you finance this deal?