The additional amount could be due to the lack of payments, legal fees, a possible refinance, and/or home equity loan.

Hi all,I'm still scouting for my first deal, and I came across a commercial multifamily (7 units + 2 stores) that is out of state (NY, I'm in CA) that looks promising.The basic numbers are:Asking price:  300kCurrently leased, bringing in 74k per yearTaxes:  8,600, but assuming 10k.I'm assuming this needs to be a commercial loan, which brings me to my first road-block - my down payment ability is limited to about 30k (I have an IRA with 60k in it that I can borrow up to 50% of).What sort of things should I be on the lookout for with this type of property (assuming I'm able to surmount the down-payment problem)?  

  $120k X 80% is $96k...leaving a $24k down payment. 

They are fast and reliable

They can afford a monthly payment and want to own a home not rent.  

Yes, not the perfect tenant as there has been missed payments, a good amount of late payments (a week or two) but in the end they always pay and they take care of the house so I work with them too.Thanks to all for your feedback.

@Christopher Kolasa Hi Chris,He sounds like a genuine fellow, I would just make sure he can still make his payments as you take on this project.

Oooorrrrrrrr, talk to the seller and agree to put his name on the other property (have a good lawyer draw up papers) on a first mortgage spot in exchange for him financing the down payment too.

Email technology as it exists today, CAN NOT RELIABLY produce a Return Receipt. 

You cannot require electronic payment without an addendum to their lease.