It is just an interest only loan for the first year, which i pay only interest and after 1 year i have to revisit this if i plan to extend the term but i have to pay down atleast 5k in the principle to extend the term after one year.Two weeks ago, i got engaged to my girlfriend of 4 years.

When I offer sight unseen I give a general ballpark +/- 25% based on condition but then the seller wants the higher end if the place needs a lot of work. 

Yes, I'm buying this one sight unseen.

I have never seen a pro-flipper not use one - yet many write contracts on property sight un-seen.

My mortgage calculation does not include taxes and insurance, purely principle and interest. 

There was no end in sight that the same property would be worth $290K just a couple of years later, and when it declined, it declined RAPIDLY. 

Jay Hinrichs , I see people talk about paying above UPB, occasionally, but I have to assume they mean just the Principle Balance, without the other 20-40% in accruing interest, fees, costs, insurance, taxes, etc.

They owe me $1,067,821.23 in principle alone on two flips in Naperville.

That is unless I pay more towards the principle.

With the wheel turning I have then set my sight to buy a duplex for a house hack.