I agree with @Jay Shapiro, the placement fee is to cover marketing, screening, showing, etc... they did none of this.

I don’t negotiate if I already have what I want/need to cover my costs to bring it back to “rent ready” condition.  

In terms of investing with low money down, you have to start networking to find other investors that would be willing to put money in with you to cover the down-payment and closing costs.

You are building room in the backend of the note to cover your investor's entitlement while still making the money you're looking for up front.If you don't have a passive investor to sell to, then you're going to have to rethink your strategy here.Sidenote: If this loan is to a consumer at 12% interest, you might have what the CFPB calls a High-Cost Mortgage on your hands, in which, there's a lot more compliance to deal with.

Brandon Kreig runs it, they cover a different topic each week, but there is also time for networking!

He also couldn't rent it for enough to cover his payments.So he had 1 month before the bank would start foreclosure proceedings and he was desperately trying to just break even, that's all he could hope for.When I offered to take over his payments, what do you think he said?

Is there a way I can put pictures on here for example?

You also won't have your home owners insurance coverage in place to cover your risk.

I would rather stay away if you have to cover electric. 

I have pictures of the mess they have in the rear of their unit.