With investments, banks have to see much more skin in the game to justify the risk, especially commercial.Hope this helps!

You merely have to understand the risks like with any other real estate investment.

I'm currently a Property Manager in Richmond and have recently decided to get more involved in the investing side. 

I'd love to help you but completely understand if you want someone intimately involved in those towns specifically.:-)

I know there are several articles on BP discussing the advantages of leverage and I’ve considered them when thinking about this decision however I’m a fairly conservative investor always looking for ways to mitigate risk.

Take a risk.  

I was not involved in the incident but I'm getting pulled into the dispute. 

He is willing to do seller financing as part of this down payment, but does not want to do seller financing on the lot, he would like a 3rd party to be involved so that he no longer has to deal with his banks or the tenants. 

I was hoping that it would be considered a repair as this is solving a problem.Good point @Mike McCarthy, I should find out what are the risks and if something goes wrong, how is it handled ad who pays for it.

I know you can get these much cheaper but the sellers wanted the lawer involved.