It doesn’t always pan out as a viable option but I always recommend considering this so you know your alternatives.

I am working with a turnkey company so double checking their assumed numbers.

If so, it may be worth it to keep it and do the work over time yourselves and enjoy it!

From what I understand so far, the bank will place the first bid at what the current owners still owe (the 58k).  

Lastly, the home needs to be rent ready so it can pass appraisal (cannot be under construction).

So the question is… Do you provide mini blinds in your class C rentals?

There are so many things that can go wrong that have nothing to do with you.

this is what i have so far: the sell price is around 300,000 (under), I'll be proposing 10,000 down, 30 year loan with a ballon payment of 7 years, 4% interest, $800/monthly payment to seller. 

(don't think we have time or knowledge to pursue that) . alternatively the lender has asked us to work with a commercial lender.. we have not done any commercial loans so far, but basic research provides core diff is the 30 yrs vs shorter duration 10-15yrs in commercial + ARM (floating). 

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.