You have to qualify for the conventional loan to refinance into it.NOPE, commercial loans on 1-4 units have no personal income requirements and base the loan on FICO and subject property cash flow.

@Matt Chestnut so a PPM is a very thorough, detailed, and formal document that outlines the purpose and risks associated with the sale of a security.

There are a lot of posts on that subject and often in the end you are no longer friends. 

Since you asked, I bought using Subject To from a Turkey provider in Phoenix AZ who knows what he is doing.

However, interest and property taxes are still deductible as itemized deductions on your Schedule A.Rented for an Average of 7 Days or Less: Under normal circumstances, rentals are treated as passive activities, which are reported on a Schedule E, and net profit from the rental activity is not subject to self-employment tax.

The contract outlines the terms under which you will buy (close on) the property. 

I discovered some other threads about the subject and decided against it.

The language in the proposal is this: "Any canceled orders will be subject to a 20% restocking fee." 

I will follow up with her and make sure I outlined the details about late fee as stated in the lease agreement. 

However, it only takes one bad person to completely ruin our experience, and we need always be prepared for them as you never know who the bad guy is until it's too late.For next time, find an assignment contract template that outlines the deal involved and the specifications involved.I hope this deal worked out for you, and the seller was a man of his word and paid you for your ability to connect them with an off-market buyer.