The mortgage he offered is a commercial mortgage, 30-year fixed at 7.1%.

- How accessible is the syndicator? 

Auction requires you to take the property as is with no guarantees of possession and you cannot access the property.

What type of commercial property are you looking at and what are you planning to use it for? 

or do you want to invest in residential or commercial real estate?

I would look at some there, look at some out-of-state, and then in both locations look at both commercial larger buildings and smaller residential buildings.

@Glenn Clapp Unlike residential RE, on the commercial side inventory is often held in company names which do not like their holdings to be made public.

You'd have to refinance the loan in the name of your LLC, and that loan would be a commercial loan with inferior terms (shorter amortization, higher interest) than a standard 30-year mortgage.

Per the seller it has been zoned commercial/residential.

I have access to a VA loan with no fees.