Jason you could have put it under contract with an option if he was willing to discount the property even a little and sold/assigned the option to an off-market buy and hold investor looking for a good deal.  

My advise.... stay focused, save some money, and INVEST in real estate - long term buy and hold is the path to real wealth - take your time and set your goals on buying your first rental property - as an owner occupant if possible.good luck

I am under contract on a 4 plex. Inspection revealed about $40,000-$50,000 worth of work that needs to be done. I am currently waiting on the seller to accept or reject my new purchase price offer, however, I don't ha...

Consider private or hard money lenders - private for long term holds. 

Buy/Hold is going to tie up your cash for a long period of time as to where flipping presents a fair amount of risk but offers a much faster return.  

Looking to do a buy/hold or more of a rehab/flip strategy? 

@David Stone Is this a duplex to buy/hold or to rehab/sell?

Buy a home for myself (this will definitely cost at least $1mm for the type of place I'd want) or keep renting my residence and use my money to invest in flips/buy and holds with partners?

If your strategy is to buy deferred maintenance properties and rehab and hold for retirement, then you might want to hold title in an LLC, and sell a certain percentage of your LLC to a self-directed IRA.  

I personally find Richmond too expensive to get any decent cap rate buy and holds without some aggressive tactics.