However, that won't work for several reasons:  1) The lender is not going to finance the $15k assignment fee2) The lender isn't going to consider the purchase price in this example to be $150k, they would typically use the $135k price in the original contract, and 3) In this particular example they may not even use the $135k price because it's not an arms-length transaction since it ultimately boils down to a deal between you and your father.I applaud you for trying to be creative, but ultimately what you're proposing isn't going to work and it's going to make the transaction a lot more complicated than it needs to be.

What would be the best way moving forward with this applicant since one does not fully meet our minimum requirements?

Would love to hear specific strategies from investors experienced in buying this way.

Does anyone know if I qualify for this, if I don't have flood or wind coverage with the insurance company.If anyone else is in the same boat, feel free to connect.

So many ways to make your money work for you in this world.Whats your favorite way?

I know this type of housing was featured in the one show "Happy!"

Can this challenged or negotiated in some way? 

Has this ever happened to anyone?

The tenant of this property is a brick and mortar retail business I own and the current market value of the property is approximately $1.5M.    

How did you find this deal and how did you negotiate it?