You need to balance purchase price with how much equity you can expect to gain after you repair it.

It is 5% and 15 years termWhat kind of information am I expecting him/them to ask me for?

The type of renovation you are expecting.

What are basic questions and answers I need to have or expect.

Am I expecting too much?

You can't expect to go from reading a book to owning a big apartment complex in six months. 

Unless there is significant value appreciation that can be expected when you exit or you can negotiate a lower price, 3% on your money is just not worth the risks.Two ways to lose money in real estate:- Overpay for a crappy property- Overpay for an awesome propertyCheers...

They are expecting calls.

If they’re late on the rent thing already told you that there a liar and there were just no good so there’s no reason for you to expect them to leave on the day they told you that they would. there’s only two ways to approach this… Can you go to them and say you can go ahead and leave now everything is out and you sign this form saying you should render any rights to the property and agree on a cash payment for that or go ahead with the evection process.

However if you can truly only afford $450 then I don't know how you can structure it so that you can afford it and they can safely expect to get their money in a timely manner.