The salon owner is looking to retire in a few years and she has no ambition to purchase the building, So the owner has asked me if i was interested in buying the whole building.

Purchased from various auctions, short sales, wholesalers and just lowballing on MLS. 1ks of renos/repairs, 1ks or so move in and outs, expert on all govt programs and more.

His name is on the construction loan and it is secured as well as the cash to purchase the property came from a heloc from his personal residence. 

Big action in business is typically rewarded, where infrequent determined convictions in investing yields high reward.

You will then have a few options with that rent money....you can put it into principal or you can start saving it to purchase yet another property.

Max LTV to expect for purchase is 75% of the purchase price, and for refinance, 65%. 

That is still in service, those will have to be determined if they are repairs or improvements depending upon the project and its effect on habitability as well as material that was existing in the property prior.

Considering an all cash purchase to "park and profit," but open to debt.

Again, as the others have said, read your contract to determine what your termination options are.

But we both are determined, have an eye for design, and enjoy the learning process.