It sounds like you may want to nail down your plan and refine it further and explore the most effective avenue for your goals.

Another option would be to use hard money to acquire and renovate, then refinance into a conventional loan after 6 months.

I've heard Robert Kiyosaki say that ideally he would never sell, rather, build equity, refinance and buy more properties.

If you need help finding the relatives Lexis Nexis is the best bet but it is really expensive.

I pride myself on offering the best customer service and knowledge to my clients and I feel as if this could be a great resource for me to learn more about the investing side.My business model is to accumulate multi-family residences in Philadelphia and the surrounding counties and manage them myself until I find that hiring a property manager as leverage is my best bet.

If you plan to rehab and HOLD, then it is critical that you explain why you can refinance him out of the hard money loan.

He has not had a late payment in over 2 years from them.He is willing to sell it for 55K (he owes about 53K) with at least a 5 year balloon, so we can get a couple of years of rental history and then refinance into a traditional loan of some sort.

THe best bet, is to get an attorney, and offer CASH FOR KEYS!

example: I pay intrest from start every month, then refinance and pay back their Downpayment and keep paying intrest to them forever as long as I own the property ?

If not, a bad solenoid/pump would be my next bet.