Here are the numbers associated with the deal.Purchase price $98,900Current Mortgage $77,140.  20 year 7% variable locked in for 3 years (2 more), then prime +2% Rent $1050Mortgage Payment $615Annual taxes $2441Annual Insurance $1052Estimated market value is $105,000Again any suggestions for the best way to proceed would be appreciated.Thank you!

In 6 or 12 or 36 months when you decide to refinance into a Fannie loan, be aware that private one-off lenders often balk or spaz at the "verification of mortgage" and "payoff demand" requests, which can in turn delay your refinance and/or blow your rate lock. 

An asset manager, that manages bank owned properties won't talk to you unless you are trying to maybe get hired by them to clean houses or change locks?

@Cris AguiSounds like what you’re asking is why lock yourself in for a year lease if tenants might not pay anyway.

The hard thing that I've found with wholesalers that actually do lock down properties, (even in the OKC market) is that even the wholesale properties are going for 85-90%+ of ARV once you factor in rehabs. 

Biggest and really only con is the interest rate, I locked in at 3.875% which is really hard to do when I had an FHA pre-approval for 2.375% but I have the opportunity to change it twice for free so I check it daily hoping it’ll drop.

Also, any advice as to how best to handle the situation, I am all ears.

My one house rule was to lock the door when leaving the house.

Normally I am able to lock in a fairly reasonable offer with a seller, but then somehow someone comes in and puts in an offer almost 85% of retail on a property that clearly needs a full remodel, which makes no sense on the numbers.

Thanks for looping in John - looking forward to locking down a local group to attend.