Assuming a 3.25% interest rate and a 5% conventional loan, his total payment was going to be around $1,990.

Know when all the the big conventions in town, etc. 2) Speak with a lender about your refi options 3) I would work with a developer who has experience working with the city to create extra units via the available bonuses, and get those pre approved plans.  

It would be a high interest, but at least keep me safe if the market were to suddenly drop out before I got a chance to refinance into a conventional mortgage.

If I choose 4 unit then I can use a conventional mortgage but if I jump to 6 or 8 then it’s commercial and I may need a partner.

How would I qualify for a conventional mortgage if there are multiple units (fewer than 4) for either a primary or second home?

Conventional financing was used and the down payment was small.

After applying for a loan on a place, I was told I am $121 /month away in income to reach the DTI requirements that a conventional mortgage has.

You only really need hard money for a property that needs rehab or if you can't qualify conventionally.

To finance a deal like this, you need hard money or private money, the home will not qualify for conventional financing due to its condition.

Seller needs cash for new business venture unrelated to real estate and wants to sell ASAP.If cash offer is not doable - would you offer high earnest money deposit ($100,000) given to seller ASAP and finance the rest with conventional mortgage in exchange for lower purchase price?