I have talked with Chase about this myself....but it's basically paying a loan with a loan and they don't directly let you do it easily.

Unless I'm missing something, I can easily afford it but the problem might be getting the financing so I haven't looked into it yet.

Always remember to persist and you will WIN!!!!

This year is unusual because if Trump wins, I believe that will be awesome for real estate wners and investors.Also your market makes a big difference.

@Joe SchaakWhile I've never done one, I've read up on how to do it, and what this deal needs is a win/win. 

Spend $200K on lottery tickets and hope to win mega-millions.  

Seller agrees to apply $500/mo towards a reduction in the final purchase price"This was quite generous, since the going rent rate is easily $1600/mo in my area.So, if you don't buy, there is no price to reduce, but I guess it should have stated that it was forfeited altogether.  

@Kenneth Shelley   another way to put what Don mentioned is you may want to walk before you run.if at this point in your career your asking these very basic questions your not really qualified to lead your investment group.. you may make it ok but you could very easily go through a steep learning curve and lose your close friends money and based on my long career working with investors I can tell 1000% you lose their money in a RE deal and you are no longer friends no matter how close you think you are now.as for some constructive feedback here Is what I would consider if I was in your shoes.I would get my Real Estate license so you can prove to them your a professional and care about your craft..

I do this easily on my own flips.  

Just double check all those numbers... you win or lose when you buy!