What type of notes/investing were you attempting?

So is it the case that you would attempt to refinance for 70% ($70,000) of that value meaning you would get a check for $10,000 that you could then use for future investments?

Of course you can attempt to go the inexpensive route and purchase existing plans or have the builder draw them up (if he provides that service) but your construction costs alone (not including soft costs) will be at at least $300/ft.

It's because I come into these forums and get educated from the real, on the ground investors that I had the confidence and (half a brain and) the courage to attempt to put this deal together.

If I were the seller and I was carrying 80%, I would dump you as a buyer if you showed me a statement explaining you were getting your down payment from a bank loan.If you are attempting to walk the seller through an evaluation, get a feel for how they evaluate first.  

I feel like I should gain a little more experience before I even attempt to do such a thing.Because of my parents I have sort of an established relationship with some pretty successful people.

To again attempt to educate you on my markets : For central Fl, Class C & D properties/MHPs, the current CAP rate is 11%-13%.For Tampa, Class C & D properties, the current CAP rate is 9%-10%.For Sarasota B properties, the current CAP rate is 4%-5%.

The seller doesn't care what the price is...talk to the listing agent to see if the bank has already processed one attempt, and came back with an acceptable price.

Based upon the actual NOI of 55k I would write the offer at 687500.They are attempting to sell this property at an 8 cap and based on pro forma (if everything goes perfect, yep that always happens huh) I Would explain how I used their NOI and the cap rate they are trying to sell at (8%).    

I've lost out on a 10K under offer (embarrassing attempt for here in Denver), a cash offer of 6K over, and a 25K over with escalation clause.