i'm working to negotiate on a property from a friend (seller). the seller has been fairly set on their price, but they also are tired of sitting on a vacant property for the past 2 years due to lots of city violations from the property being a rental. nothing has been done to the property for those 2 years so there's a city violation notice on it. property now needs essentially a gut rehab.property value as is realistically around 85k, but seller has been, imo unreasonably, wanting 115k for a while. however there is a mortgage on the property (so not free and clear) and i know one of the things that the seller wants to do with the money is to pay off the mortgage. i have no idea what the mortgage amount is. i also am confident there's no other issues such as tax liens or back taxes.repair around 60karv around 185. my primary goal is to flip after around 3 months of worki do not want to do a 203k loan because of the paperwork mess that comes with it and a conventional loan is absolutely not possible. given the current conventional loan rate is 3%. i would love some help on the numbers i can present. i just do not know how to calculate the monthly payment that i would ultimately pay the seller. something like this:1) cash 50k2) 70k(?) 

This allows you to get most of the month's rents through the settlement and gives you plenty of time to get the new ownership paperwork in place with the HA.There is a simple packet of paperwork to change ownership - I found it quickly here: https://indyhousing.org/housin...You simply have to fill it out and send it in based on the instructions and the payments start coming to you. 

Depending on what properties you find, you may find something with two living spaces that on tax records and bank paperwork is listed as a single family home.

Residential real estate requires an absolute blizzard of paperwork. 

With all the paperwork in place, heirs in place, the whole process took a year.

I have 8k cash right now, im a first time home buyer, so I qualify for an additional 6k with a grant from the state, it's in a usda loan area and I think I can qualify.Id like to share some pictures and the paperwork ive put together and bounce this off of someone.

For a flip that you intend on selling, you probably need to disclose the mold and damage, so having a professional company do the mold remediation is good -- you can show the eventual buyer the paperwork showing it was done correctly by a specialist. 

The rates fluctuate every week so banks are swamped with paper work and appraisals.

Here is the situation:My closing is on Monday.I am still waiting on the state to give me LLC formation paperwork.

No physically work just paperwork