He expects to sell by owner, or use flat rate MLS service and pay 3% commission if needed.

Make sure the numbers work even after you tap into the equity, but I would expect your GOI to be over $1700/month on the new loan, even at current interest rates.

Do you expect to find a better opportunity within the duration of the loan?

He spayed the panels and the tracks a light beige to match the other ceilings, and it looks nicer than I expected.

You seem to really have the right attitude and expectations going forward. 5 years is a very reasonable time to achieve the financial freedom you are seeking.

Remember, if there is attractive available financing or you’re willing to do a seller carryback, you can likely expect a higher price and a lower cap rate.In summary, there are many other unknowns.

Always buy with positive cashflow, never buy expecting appreciation.The deal must stand on it's on now.You will be paying 400 every month for the privelage to see if the property appreciates.

You can reduce that risk with serious research on your market; studying market cycles, the attitude of the city regarding growth, master plans, jobs expected or know to be coming to the area.

I was not expecting this and I am not well versed on structuring partnerships.

Quite frankly, I wasn't even expecting to get a response so I can feel the effect already!