I know that it doesn't guarantee a drop in mortgage rates, but I don't really understand the math behind it or how one effects the other.bottom line...

Lock it up but keep your cash in your pocket until the other pieces drop into place.Note that if you buy the 2nd you can re-instate the first without a problem from the DOS on the 1st.John Corey

Even if they only dropped you to 7.9% this is a crap investment.

Renters had rigged up some wiring to light the basement, and tapped into plumbing for water, but this is all very basic and can be capped off, I know an extremely good electrician.

If you are just funding a hold period then other financing makes more sense (lower up front costs being a clue).If you are holding they you also have to consider dropping the price or offering other incentives to move the property quicker.

Hey there david,just dropping by to say hi!

What tips does anyone have for me w/ trying to find funding or should I drop this deal?

What if the market value drops?

hello;the deal from the surface looks good if you are looking at it from an equity standpoint. the key here is to know ALL costs before you sign away. with missing numbers from your plumber/Eletrician, you cannot make an informed decision. i suggest you get that asap to input all the known numbers and then make a decision. you don't want to find out later that the costs are high and that you end up buying a break even deal. because the positive cash flow on this unit is very low already, you don't want the equity to drop with costs you don't know about yet per the work that needs to be done to bring it up to par for rental.Sincerely,-vinh

Sounds like you've already dipped your toe in the water.