Updated numbers:*note I've ran this a few times so the numbers may be off again somewhere*$145,000PURCHASE PRICEPurchase Closing Costs$3,000.00Estimated Repairs$15,000.00Total Project Cost$163,000.00After Repair Value$170,000.00Down Payment$79,000.00Loan Amount$67,320.00Loan Points$1,320.00Amortized Over30 yearsLoan Interest Rate5.400%Monthly P&I$378.02Total Cash Needed$97,000.00Monthly income:Rent:$2,700.00Other:$0.00Total Monthly Cashflow using 50% Rule:$971.98

(Note: I posted this in the Getting Started Forum first, but it seems it was the wrong topic.)

Thanks for the note @Kevin Grinstead.

I want to buy in the $120,s for our PR with 20% down and a 15 year note. by the way, I'm 50 years old.

The seller will have to be in the second position meaning that if the bank forecloses, the bank gets all their money first and it there is anything left, the second position, in this case the seller holding a note for 20% gets paid if their is anything left over. 

I just read Article V, Section 5.0, Note 1 of MLS PIN's Rules and Regulations. 

One of my LLCs is the MORTGAGOR of a mortgage note and I would like to assign it to another one of my LLCs.

@Sean Dawson, I'm a note investor and I would suggest you get active on the various Facebook groups where note investors gather.

Note: the local bank may want you to have some skin in the game so it is likely that you will need to put 10% out of pocket. 

This allows us to make lower monthly payments while we rehab it and then we'll refinance once the new rental income is established.Our closing company drafted the promissory note for us and a local escrow company is servicing the loan.