It's a little strange but these days commercial financing can sometimes be more cost effective than what an owner would do unless they're willing to accept a really low interest rate.The situation I see a lot recently is a retiring baby boomer with plenty of equity.

That's why I'm sticking to a notch up in quality when making my acquisitions at this point in the cycle. 

I hope you manage to find a contractor to complete your addition at a reasonable price; but be weary about the quality of their work.

The two biggest variables are condition of the condo to begin with (ie. if it is old, it's more likely going to have more maintenance issues) and the quality of the tenant that's in place.

Kevin Manz ,I bought a book, here on bp, called The Book on Investing in Real Estate with No or Low Money Down.

My first home was bought with an FHA mortgage with a low down payment, with the assistance of the CityLift program, which gave me down payment assistance.  

If you work with a quality firm, they will not only setup the plan but be available to you as advisors and guides to help you operate and invest with the plan.

I am looking to buy and hold SFR to provide quality affordable homes to renters.

Hello Nurum,If you sell the note you will take a pretty good hit and a note buyer isn't going to be overly anxious to buy a Contract for Deed with the low credit score. 

John Howdyshell your profile says you are looking for a private lender for a low interest long term loan.