got a 4 unit building for sell in the north suburbs of chicago that cost 25k over apprised value but seller said they are will to hold the financing with 100k down. rents out for just over market rates leaving a noi of around 30k. so my question is, even tho he's over market and appraised value, but willing to hold the balance of mortgage, is this deal worth it?

Now I'm fairly new to wholesaling so I'm not exactly sure how to go about this process involving homes with mortgages but it doesn't seem like it would be a good deal.

I wholesale the vast majority of my deals and market direct to motivated sellers using direct mail, and online advertising, which enables me to find highly discounted properties.Funding: A private lender loaned me $57,000 in private money at 12% and 2 discount points secured by a 1st mortgage.

I will say though when you accept an offer initially remember you still have gateways to pass through (Inspection, Mortgage appraisal) that have the opportunity to cost you.

 (1,000*12/50% Rule)-80k Mortgage at 4%=~$125/month) and be pulling out whatever the difference is to move on to the next project.One hiccup though is that you live there...so would your next project need to be a place you could live?  

Here's the situation:Rental #1 value = ~$122k (according to zillow estimate)mortgage balance = $63kincome = $1050Roth IRA balance = $16kCurrent cash balance and debt to income ratio are likely a no-go to just get another mortgage.Our goal is to generate more passive income.  

Saving around 10,000 would take me twos so if I'm able to get by with a lower down payment I will gladly do so..I understand  concerns that the lower the down payment  the bigger your mortgage and that banks offering low money down loans partly caused the recession....

If I have a rental property with a mortgage on it and about 20% equity in the property, would I be able to refinance and pull cash out ?

He still has a mortgage on the home.

Any debt instrument such as a mortgage must be non-recourse, meaning no personal guarantee from you.There are a handful of banks that do this kind of lending.