Here is some key information:Property recently hit the market and has 2 cash offers alreadyThe seller provided a pre-inspection report, which I shared with 2 different lenders, both think it may fail conventional financing due to potential structural and electrical issues (realtor thinks it could pass conventional)Seller has 100% equity but is behind on other payments (not sure of the urgency money is needed)This is my first attempt at an “investment” property so I’m new to thisI see 3 optionsMove forward with an offer using conventional loan pre-qualification-Not as attractive of an offer to the seller-Possibility that appraiser calls out structural/electrical issues that need to be fixed before closing, effectively causing financing to fail- Best terms and fewest loan fees for meUse a rehab style loan such as ChoiceRenovation-Even less attractive than a conventional offer to seller, but less risk of failed financing if appraiser calls out issues-Slightly worse fees and interest rates compared to conventional-Lenders tell me possibly up to 60-90 days closing in some cases, with red-tape for contractor requirements and draw schedules (sounds like the most hoops to jump through during rehab)Use a hard money lender-Most attractive loan option I can give to seller so I can compete-Much higher fees and interest rate for me-need to refinance into a conventional at the end of rehab (not familiar with seasoning periods but I think this is a factor as well)Which option would you do?

Investing in Peoria sounds intriguing, especially since you’re drawn to the area and its industrial charm.

Sounds like a Tony Robbins kind of thing.... :-)I agree though - get them involved in a real way (having them help write/advise/ formulate the goals) this will get into their heads faster than just plain talk.I would add this: maybe for the second 'meeting', go on a Field Trip!

Without more info this sounds like a less than optimal deal.

Ordinarily those tenant vacated damages would be too remote, but it sounds like they were contemplated by both parties at the time of contract.Were I in this situation I would be looking to state law to determine if the EMD is truly the extent of my potential liability as a buyer. 

Sounds like great tenants.

Sounds like you have equity in them.2. 

Needs more cosmetic work than major rehab, and roof was recently replaced.

Sounds like an interesting Business model. 

It’s much better to take it slow than to partner with someone who isn’t the right fit.Good luck on this one, it sounds like a great opportunity!