I got a FISBO under contract and tried to wholesale it to my existing buyer's list - which wasn't really robust but it was the best I could do at the time.

Most are in bad areas, and are in desolate condition - new ones haven`t been built in 30yrs, the existing ones are therefore a minimum of 30 years old, 30yrs of low income tenants, go figure.I would personally not get a condo to rent out for many reasons, however there are a few exceptions too, i know @terry lao is pretty happy with his, despite paying 500-600 in HOA fees - he didtn buy at the current market prices though, so keep that in mind.

Do I scrap the existing lease and make a new one?

@Peter Walther If the “seller” fails to disclose the existence of an HOA, any CCRs of record (included as special exceptions in the policy) don’t reference mandatory periodic assessments, there is no recorded HOA lien, and the auction terms state that the buyer takes title subject to any existing dues or assessments, how does the title claim shake out? 

A landlord instead of rent forgiveness could offer rent amortized 2 years added onto existing rent going forward as a repayment plan.

@Ellie NarieAny modification to an existing lease has to be in writing

Wells Fargo, UWM, and the nation's other largest providers have all suspended jumbo loans so there is no existing option for this $1.2MM loan scenario in the rate range you're describing.  

Hello BP,We found a deal that could be a fantastic buy.  The house is rather large, comes fully furnished, sits on about 3 acres and has been a successful STR and events venue.  In addition to this property, there is ...

Unless you have a strong track record and existing relationship, I'd look to other options.

Depends on the State Regulations. 6.Seller SecondsThis is a mortgage issued by the seller to the buyer that is placed in a subordinate or second position to an existing first mortgage from a conventional lender; seller second can be a great incentive to buyers; can help them purchase by putting down less cash-leveraging their assets; second mortgages typically carry a higher interest rate than first mortgages, an advantage for the seller over other investment options; a seller second can open new opportunities for buyers in markets where conventional lenders are tightening their loan to value guidelines and buyers need a way to close the resulting financing gap; lenders who want to limit their exposure may agree to a "Combined Loan to Value" guideline that supports a seller second; seller seconds may help buyers reduce their conventional loan needs below the PMI (private mortgage insurance) level, saving significant dollars per month; seller seconds can also help in larger purchases, reducing the amount buyers would need to borrow conventionally, bringing their remaining loan requirement within reduced rate "jumbo" loan territory; some conventional loans prohibit secondary financing; second loans not disclosed to conventional lenders are illegal.sellers granting a second loan must file a lien on the property. 7.Lease with Option and Lease PurchaseA lease with option to purchase is an agreement that the leasing party can buy (or not buy) the property at lease end for an agreed price; a lease purchase agreement, the leasing party commits to purchasing the property immediately at lease end; the owner agrees to apply a portion of the monthly rent payment toward either the buyer's down payment or closing costs at time of purchase.