We live in Erie and while you are correct that some of the big companies have laid off a lot in the last dozen years, it's still the largest city in northwestern PA.

@Isaac Chun I forgot the correct term for it.

You're correct about the equity in a hot market, but that depends on when you buy.

If the property was priced correctly your seller friend wouldn't be in this situation.

In the *rare* event a mortgage is called due on sale by the lender, typically the options are to 1. refinance, or 2 cut a check for the remaining balance of the loan, correct?

If he immediately answers yes - thank him and leave.The correct response is: what are you trying to accomplish by partnering?

Please comment about any detail you can, I will greatly appreciate it as this is a culmination of a lot of work from studying from BP and books to put these numbers together and is what I will use for my first deal (unless someone corrects me.)My offer price is less than half of what they are listing, but I feel these numbers show the real value.

And yes, I did not know Cap/ex was the correct term for the major fixes.

You're correct in talking to smaller local banks.The other big thing is that rather than the term "HELOC", for your rentals, you'll want to ask for a "line of credit" secured by your rental.

In any case, I think just about any investor should be against this, especially in the upcoming correction as they can often be quick to reach out and quick to close on these buildings that will inevitably popping up for sale.Wait and see, I reckon.