You'll have carrying costs while you renovate, attorney fees and dealing with the city for a zoning variance. 

I don't bat an eye when I see someone open carrying, it's normal. 

This is great to acquire the property, but there doesn't seem to be many banks to refinance into once the seller carry-back balloon occurs.  

While I love @Jim K. suggestion of Yard Kitten lying to the tenant about this could carry some liability. 

Most of my properties are in Georgia and termites have carried away parts of several of our houses. 

You simply get a reinstatement amount from the bank, pay the reinstatement and carry on with your normal transaction.

Did the seller carry the note?

However, If it does take long like in the example you gave they may not want to pay a fee after carrying the cost of rent for all of that time.Thank you for the information and I will definitely provide an update when we reach a resolution!

That is with 20% down, and an owner can carry a second as long as the DSCR remains at 1.1 or better.

But the “smart” or self-showing lockboxes carry 21st Century risks along with their 21st Century options.