I'd be telling the seller I absolutely want to close still, and we just need to figure out how we do it correctly so we're both protected.

And yes you should absolutely never keep investment properties in your personal name, in fact your personal residence should not be in your name either if you own it free and clear.  

Absolutely.

It's absolutely critical to spend time in province to build relationships and to fully understand the market. 

It absolutely costs you something.

Absolutely not.

Doing renovations long distance poses many issues and good local support is an absolute must. 

As simple as that is to do, it's not easily done but you're absolutely correct Ellis. 

You can absolutely discriminate against criminal behavior.

Yes, I would absolutely be concerned if the bank would only loan on a value of $250K, so it sounds like your suggestion is that notwithstanding the Seller financing option, I should pursue financing with a bank to understand how they value the unit.As for $90K being the beginning of a money pit, other than runaway renovation costs, what did you have in mind?