That interpretation may be the policy and what Senior management are directing, but being clearly specified in the code vs. a policy/interpretation can have two different ways of resolving it.

I'm pretty active in the NYC boroughs as a broker, investor, & property manager - happy to give you my $0.02 if you're still looking thanks. 

might want to specify either way.just out of curiosity, you mention it is owner managed in your first sentence.

Two years ago, it was higher and sellers wanted money hard day 1 in a lot of markets.I would ask brokers and property management companies and attorneys in the marketGood Luck!

Then if you are going to rehab, probably need to be back to manage that in some way. 

I would ask him to review his documents from the seller finance to see if that financing is assumable.

Very simple form that is used:  https://content.enactmi.com/documents/calculators/Form1038.C...  

As you continue, you need to find a title company that's going to work with you, have some templates of the documents you will need, and ideally some relationships with cash buyers.

See below for the numbers:Home Market Value: ~525kLoan Balance: ~476kEquity: ~50kMortgage Payment: $2570Rent Price: $2650Property Manager: 10% (potentially 7% w/military discount from a referral I got)Cashflow: $-185/month, $-2,220/yr1st year Equity Payoff from tenant: $11,561It's a 4 bed, 3.5 bath home built in 2011 that only requires some new paint to be rent ready.

Grandiose claims that we initially read on the company website and then had repeated to us by Kirt Bassi, the client relationship manager, over the phone.