The good news is that events like this are fairly strongly correlated with mortgage interest rate improvements. 

Very often I have tenant buyers automatically thinking that the lease payment they make every month while the are living in the Rent to Own property while they are working on obtaining a mortgage loan goes toward reducing the selling price of the Rent to Own property. 

If not, how much time do I have to secure a private lender/mortgage after I make an offer? 

You ask for $1000 down payment or maybe no down payment.orTake the property subject to the mortgage that is in place(the person was behind a bunch of payments), give the owner a little to get out.

Unfortunately, purchase mortgage loans just don't work that way.

Remember, If the property has positive cash flow (and in your case HUGE), I'm not paying the mortgage. 

I currently own one rental property with a bank mortgage that I purchased at 21 yo (just over 2 years ago). 

(i) Buyer shall make mortgage loan application for the Financing within _______ (if left blank, then 5) days after Effective Date and use good faith and diligent effort to obtain approval of a loan meeting the Financing terms(“Loan Approval”) and thereafter to close this Contract.

They agreed to try to find something to buy but my father doesnt have an amazing credit score like me or my brother, plus he is unemployed so he wont get a mortgage.I told my brother that he has to be the one getting the mortgage because I have plan of starting my real estate investing career in January (buying a duplex) so I cant have a mortagage like that on my name because my debt to income ratio will be high.

Download PDF Edit Report Discuss in Forums Other Actions $1,500.00 Monthly Income $786.67 Monthly Expenses $713.33 Monthly Cashflow 12.53% Pro Forma Cap $10,024.00 NOI $18,480.00 Total Cash Needed 46.32% Cash on Cash ROI 18.26% Purchase Cap Rate Expenses Income 50% Rule Total operating expenses: $664.67 Mortgage expenses: $122.00 Vacancy: $75.00 Repairs: $75.00 CapEx: $75.00 Insurance: $150.00 Management: $150.00 P&I: $122.00 Property Taxes: $139.67 $54,900 Purchase Price Purchase Closing Costs $2,500.00 Estimated Repairs $5,000.00 Total Project Cost $62,400.00 After Repair Value $80,000.00 Down Payment $10,980.00 Loan Amount $43,920.00 Loan Points $0.00 Amortized Over 30 years Loan Interest Rate Monthly P&I $122.00 Total Cash Needed $18,480.00