They are already written up, I just need to make sure they are correct and have proper contingencies.

Just make sure you are doing it correctly!

If I understood it correctly, it makes it a straight refinance and not cash out refinance, hence no seasoning.

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.