Here is (was) the deal:I found the worst house in the best neighborhood....3 bd/ 2 full bath/2 car Gar/ Finished basement (which needs to be refinished) We have an accepted bid for 95k, the appraisal came in at 102k and in "Fair Shape".

If their drive to sell it is they need money for a certain reason, then there is more bargaining power. 

Take for instance, a fairly normal person who has a standard of living around $6000/month (before taxes).

I am essentially starting from nothing; although my family is fairly well off, I want nothing to do with their money and aspire to earn my own.

How much is the fair market rent, do you think?  

I am OK with this and can negotiate the purchase price according to what I think is a fair price, as long as I know the value of closing costs. 

Obviously the down payment on a 5+ multi family is fairly substantial.

I am a fairly new investor who got started back in October by taking out a Home Equity line to put down payments on multiple small loans in Indianapolis and Birmingham.

I have studied flip books and repair costs etc, so I think my repair estimates are fairly close, but I'm having trouble getting a deal accepted.  

Mortgage terms range from 6-months to 7-10 years (7 & 10 year mortgages are fairly recent and not frequently used as they come at a premium) with the most common term being 5-years.