Their point was pulling out the initial cash reduced risk, which assumes all you care about is the initial cash.

They wanted to fill a vacancy fast, didn't do proper screening, or didn't verify the tenants employment.  

I'd prefer to just purchased this foreclosed home AS-IS and not have them Renovate it.Any suggestions on my presentation in the email, should I let them know I"m a Realtor or just initially inquire about purchasing the property without renovations?

Hello Account ClosedThere are several initial steps you need to look at with the property before you get to the spaces within the property itself.

Here's the deal specifics in question:The Sponsor is the guarantor & deal maker and has no equity contribution in the deal, but is liable to the debtGeneral partner collaborates with the Sponsor in managing the rehab & construction but also makes no initial equity contribution but contributes towards monthly holding costs with the Sponsor during the renovation period.

My strategy would be to let it cash flow initially for the next couple of years, and then if the area keeps developing, determine if its worth making substantial improvements to raise the rents significantly.There are definitely some risks with this property: many tenants are on short term leases; and there is the risk that the immediate surrounding area does not continue developing as it has over the past couple of years. 

The seller initially agreed to 10-year amortization, but then agreed to a graduated mortgage, with payments of $2,650/month + $200/month/year.

As my initial feelings are yes, this is an easy sale to sell to the tenant.

Are you planning to buy it with cash, or are you going to finance the initial purchase?

I intend on getting the BRRRR book as well to get more information.I understand refinancing is a way of paying off the initial loan used to purchase and rehab a house thanks to the equity you get out.