The loan requirements include the borrower setting a performance bond, agreeing that the project funded shall not benefit any other business venture, that the primary lender advance 70% of any future funds required at that lender's approval, that the borrower is not to further encumber the property, that interest be paid annually the first 3 years, then payments roll over under an end loan with a prepayment penalty 5% to year 5, then each year the penalty is reduced by 1% annually until it doesn't apply. 

Every so often the bank pre-pays me to buy a positive cash-flowing house.  

Our problem is the condo is more then we can get pre approved for.

You may find a place that will roll majority of the closing costs into the loan but I have yet to see a place that will roll the points into the loan.Look up rehab financial group in Wynnewood, little high but they may be exactly what you are looking for.

I am in the process of looking to buy a pre-foreclosure.

I could get it sponsored perhaps with a speaker to get the ball rolling. 

Get financials and Rent Roll from him.

Taxes about $3000Insurance $3400Below are June's rent roll, maintenance & repair summary along with the YTD totals.  

One of the real estate strategies that was taught to me was that you get all repairs, big and small, done in the beginning, roll it into the financing, and then sell after five years (supposedly when things start to fail and need repaired/replaced).  

Pre-Qualified = 300k Thank You,Branden