As others here have said, it fails the 1% rule and that raises a red flag for me.  

Originally posted by Account Closed:@Tabitha Johnson If you don't have the down payment ask friends or family members and why would anyone sell with no money down and do you have the funds if anything goes wrong? 

If raising rents is part of your value add, how much do you expect to raise them.  

Here's the low down:250 Units, Evansville, IN | Class C+/B- AssetAcquisition and Assumption of Existing Debt (35yr Amort at 2.93%) + Mezzanine Note + Equity of about ~23% Equity Raise: ~3.1 Million (our own cash + limited investors as well).Plan: achieve cash on cash returns in the mid teens (going in 8.55%), IRR of 15%+ and 2.25x over a 7 year hold.

The funds used to fix up the property came from a personal loan that I took out. 

I sent a follow up text asking for the buyer's name, proof of funds. and email so I can send the agreement first if he's planning to double close.My main question is, Is this a common way of being approached by buyers, or every buyer has their own way?

The exchange has to be done with an intermediary because you aren't allowed to touch the funds, but you're past that now...

Just limited in funds to put down, especially if it needs a lot of repairs. 

If you don't, then you could see all your funds disappear and you wind up with no cash flow and no equity. 

I have not invested yet because I am still raising capital but I will eventually.