@David Montore, if there is an existing mortgage on the home, one creative financing method would be to  consider a seller finance contract for deed with wrap financing where you sell it for 10% or so higher than market,  get a nice down payment and make the monthly payments higher than existing, with higher interest.

Solution: Unless you are intimately familiar with the local market, demand third-party verification of the value of the property, ideally via an appraisal.In the event of a default, getting the property back might be a huge hassle - If your borrower does stop paying you, you're going to have to foreclose to get the property.

He said the park was bought for $1million, he put 10% down and the seller made an interest rate of 5%.If I understand correctly he put 100k down and the owner made 45k a year off interest or in other words, Brandon wrote a check for $3,750 a month?

The seller is already selling it at a loss as he bought it in 2009 for $1,120,000.

How does that effect me and the seller?

I went through this recently and was able to request the seller serve 30 day exit notice to the M2M tenant as part of the purchase contract.Your mileage may vary city to city and state to state?

So my math in calculating the actual cash flow of the property can be very different than that of the seller. 

But the sellers have already accepted my non binding initial offer of $350k and I'm wondering if I should risk lowering my offer?

It seems to be high for a 2 bedroom on a spotty area but  if UoM is driving the demand , it is understandable ..

Before I put non refundable earnest money to whole seller, I got a rough estimate from GC for $50k, which also matched with whole seller estimate.