What % of houses in Reno are available for a conventional investment loan at $360k or less? 

If the sign out front offers loans or HELOCs, that’s one you call. 

Would you be obtaining a DSCR loan? 

More heads in beds as always been known to increase revenue either by increase nightly rates, increased occupancy or a combination of the two.Search and replace Airbnb with STR.

A combination of hard money and private money How did you add value to the deal?

We put an emphasis on vacant prospects, those with separate meters and realistic balance sheets which when combined with the right financing terms and management can still produce a healthy and safe addition or anchor to a portfolio. 

For me combination of 1 and 2 works out.I let my PM handle the tenant placement, rent collection and, if needed, evictions. 

Good advice by @Eric GerakosAssuming for a second it’s worth doing, remind him his broker price of 500 will be lessened by the 40k commission, and the bank will be making the money off the loan, not him.So try for 460-480 with as low a down payment as he can stomach and offer to split that payment into upfront and 3-6 months later.

Was the loan a balloon?

How much is the ability to assume a loan at 2.25% worth?