A conventional mortgage doesn't allow for borrowed money unless it comes from a HELOC or 401k.   

I'm kind of stuck in the middle between pulling the trigger and get the proper under contract and just saying no because of the condition and location of the property. 

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+, zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680, some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Inching closer to the 7% mark, the 30-year fixed-rate mortgage has climbed to 6.90%, up from 6.77% last week and notably higher than the 6.50% recorded a year ago, according to Freddie Mac data.After a period of smaller rate movements offering some relief to homebuyers, recent signals from the Federal Reserve hinting at delayed rate cuts have sparked an upward trend.Sam Khater, Chief Economist at Freddie Mac, emphasizes that strong economic and inflation data are driving this shift.

1. a mortgage company won't risk sponsoring unknown person without license in this market.

So, would I be correct in assuming the proper way to do this is to officially buy the note from him and have it recorded? 

You probably need a mortgage lending license@Chris Mason@Jay HinrichsGoogle your state statutes on mortgage lending.

This particular host on the podcast said that, usually within 45 days, he's already cash-flowing from STR and is finding a mortgage company to pay the seller in full. 

The mortgage payment will be 3.5K.

These mortgage loan originators, originated a whopping 70% of mortgages in 2023!