You can get in with a low as 3 1/2% down payment using FHA financing (don't need 20%). 

There is strong wage growth, low unemployment and the economy appears to be performing well. 

I have loan officers that will do under 4 units as low as $40,000.Let me know if you need help finding a different mortgage broker.

Therefore, I'd get 1/4 inch lag bolts and drive them through the plywood right into the door frame to secure the property while you find a contractor.Since I have no idea about your area, I'd start at Home Depot/Lowe's.

Hmmmm, maybe our expectations are TOO low. 

The situation he is in is a mess where he does not want to sell because he keep getting low ball offers and he'll lose money selling with an investor he told me.

However, allocating 80% of a building to low/mixed-income housing is a bit aggressive given the neighborhood character and the potential effects of that understandably violate the basis for why so many people move into Jefferson Park.

Also, my dad does contractor sales at Lowes so I'm running everything by him on materials side to see if what I'm being quoted sounds reasonable. 

I just believe the 200k cash offer is waaaay to low.

You have to be in front of them at all times - lots of shaking hands and kissing babies.