Then I find out he's also the rehabber, and in the end, the self made silent (partner) who walks away with 50%.

At this point, the purchase is contingent upon a financing, acceptable inspection, and the city allowing us to excavate beside the driveway to create at least one addition parking spot as one of the main down falls is that it is a shared garage (with dividing wall) and driveway.That said, we have a purchase price of $38,500 locked in so long as everything goes as planned.

If a roofer falls off the roof you do not what him/her coming after your home or even visitation rights to your sea snail.I would also recommend writing a solid business plan as one poor decision in the beginning can really mess things up.I look forward to meeting you both at the inevitable PNW Meet-up.

I'd say a deal like this should have 10% of the sale price as the down payment and the front-end loaded note can be made so that is attained and then fall into the remaining amortized period.Sell the property for what it's worth, 8% is sufficient consideration, use the amortized period to provide you wanted monthly income, you could require a higher payment to principal to increase the down payment over time as long as they can really afford it, and affording should be determined by debt-income ratios not by an opinion, especially with any inclination of getting in their pocket from any personal issue.Good luck on your getting your RE license, as you go through that process you'll see the ethical aspects of dealing in RE and what I've said here will become clearer. :)

My goal is to purchase my first property by the end of the summer or early fall!

I will definately take your advice when approaching this project.The cabinets being original are starting to fall apart.

This falls along the line of family changed. 2) sellers believe we're approaching the top of the market and want to capture the gains and/or 1031X into NNN where they get a higher yield. 3) investors/flippers bought the multi-family with the intention of repositioning it.

Usually that is for homes that are falling apart and can affect neighboring homes.

Remember the area well..did my masters at GWU and studied vienna and falls church developments as part of it.

I have had 3 FHA loans fall through when the broker or bank goes into underwriting.