In my area, it's very, very difficult to sell them because individuals generally prefer to buy SFRs rather than condos, and there are a ton of SFRs around at affordable prices.

Hi Richard, It says loan assumption is offered as a financing package at 1,700,000 loan balance versus the 2.5 million they are asking.

it is 80 percent of the appraised value minus the balance on the note...

Ive been told that getting the draws up front is difficult and often times people need to pay out of pocket to get the construction started.

It could be the bank on the note wrote off the balance as they did not want the property.

Keep in mind, if you may be using reserves held in an IRA, some lender guidelines only count 60% of the total IRA balance towards reserves.

My mortgage balance is currently $147K.

We would then try to purchase and repeat but would have more funds.Commercial loan through llc: we are considering this since we would eventually want to hold properties in an llc, but we would need 20% down which we don't haveSeller finance: we would need to find a willing seller and make a deal, maybe difficult to find

Marie Poe gave you a great example.When I approach this type of situation I like to have more in depth info before I propose solutions to the seller. ( sellers expectations, wants & needs, current rent, market rent, expenses, existing loan balance & terms etc.)It would be cool if this transaction could be done using your IRA (or someone else's) to buy an option.

Unless you are thinking about buying a home that requires an FHA loan, the increases in mortgage insurance are pretty ridiculous. you're looking at 1.75% of your loan balance in up front mortgage insurance fee, and as high as 1.3% in annual mortgage insurance (for the life of the loan).Hope this helps.