., it sounds like a decent deal to me except for the $0 cash flow for the first five years.  

Besides having done everything wrong to this point he has put $30k in rehab on credit cards.  

AND he was more than happy to spend 20+ minutes with me, gave me his card and told me to call him if I need anything. 

The property card may give you a hint as to why the valuation is what it is.

Go to your local REIA and exchange business cards.

They can't share their clients' information but if they like/ trust you they might be willing to pass along your business card to them.  

.* I have no debt service obligations other than $180 per month in credit card payments and $70 per month in car insurance.* I have a 9-year-old chapter 7 bankruptcy that was due to medical bills.My parents have offered to help me financially, which would consist of them taking out a line of credit on a rental property they own free and clear to loan to me, which I would be required to repay at a flat 10% of the money borrowed (for down payment, fixed & holding costs, and renovations).  

Do not think because a title on a business card does not mean that they know anymore than you.  

Note that this condition does not require the loan to be fully amortizing, meaning that a balloon payment can be a component of a one-property exclusion loan.Second, the loan must have a fixed interest rate or an adjustable interest rate that remains fixed for at least five years.

Whether he pulls that out from a bank account, from a credit card cash advance, or from a home line of credit it's still coming from him and he's taking risk in this venture.With that said, how you guys split it up is all up to how you negotiate it.