I have an offer from a lender that is currently asking for a 12% fee and in return they will provide my business with 60k in Funding. 

Update: The reason the seller wanted to hold the info about the property manager is because they were concerned we were going to pull the plug on the deal.

I want to discuss if terms I am speaking of are a possibility.I didn't pull these out of thin air tough..

The additional amount could be due to the lack of payments, legal fees, a possible refinance, and/or home equity loan.

I am still considering the deal, because the cash-flow on the back end would be nice and I can refi and pull much of the money for the rehab overall back out of it. 

You have to start somewhere, now you just need to find better deals so you can pull more cash out.  

The commercial space exterior also needs a face lift, but there are grants available for this that will match funds up to $2,500.Expenses:Management: 8%CapEx: 5%Maintenance: 10%Taxes: $3400Insurance: $2900Levy/Rental Fees: $1000Sewer: $1400Water: $1080Garbage: $900

So she can't take the new blinds with her, or try to pull up the new carpet, lol.

In addition, if you can buy a property under market, or with an opportunity to add value (even if it's just paint and landscaping), you then have the ability to give your investing a boost when you either raise the rents because you have a higher class property and/or pull out some equity to invest in another property.  

If it fails, then you both owe the debt of that project and any associated fees.