I along with all my friends play poker for a living.

Just be honest.Deception gets you nowhere long term in this business.The reality is in the markets lot's of buyers with real cash to play.

Sounds like a fun project.

I always opt for a full title search and title insurance to play it safe.

It's really fun here.PMI stands for private mortgage insurance.

ThanksGreg You didn't specify the upside nor speak of a value add play in the deal so it's a little difficult to speculate how to best structure a creative financing package.Assuming it's a value add play with good risk adjusted gains at the end of the process then maybe the safest route is to negotiate a wrap transaction with the seller, and if your are concerned about a due on sale clause make it contingent on the lenders approval.The seller will confront these same financing scenario issues with all other buyers so if they want to sell the property then they can either deal with the issue with a reset and able buyer, you, or kick the can down the line looking for another buyer who maybe willing to assume a less than stellar financing package.As the buyer though your only concern should be the financing package that delivers you title, assuming you plan on making extensive improvements to the property, and allows you to earn what you determine is a reasonable cash flow from the project.Options aren't bankable.

It took them 4 months to inform me they could not get a loan and then the fun really started.

Also, looking for a play on multi-plex.  

It is fun to see and more fun to realize they are much the same as the hundreds of residential homes I have worked on.George, if you like I could come over to help find your wallet but it will cost you some points on the back end.

Have fun!