I have a couple years of experience in managing 40ish short term rentals remotely & on-site, so I believe I could use a management incentive to lower my buy in.Thank you!

I doubt the room is worth anywhere close to that value.It seems to be time-share like. 

Here is an excerpt: Standard of Practice 1-7 When acting as listing brokers, REALTORS® shall continue to submit to the seller/landlord all offers and counter-offers until closing or execution of a lease unless the seller/landlord has waived this obligation in writing.

Depending on how close to the college the property is, you may also have constant turnover. 

Good advice from @Nathan Gesner and Account Closed Also bear in mind that if you can find a current deal that makes sense, and will generate even a decent amount of cash flow right now.....then you can just about count on it doing very well once you are able to refinance.

It was originally the plan to buy it from me when he could swing it, I just wanted to walk away from the closing table with $10,000.

I’m hoping to find another in the same location due to its close proximity to Loma Linda University.

DSCR lenders will have different rules on seasoning (i.e the amount of time between when you bought the property vs. when you closed on the refinance) for how much cash you can pull out and whether or not the appraised value, as opposed to the cost basis (purchase price + rehab costs) can be used to determine the loan amount (i.e LTV * appraised value = loan amount). 

I agree with others that state you should just try and negotiate perhaps a little lower price.

I'm closing on a property in Knoxville, TN later this month and looking for a recommendation from someone that has SFR's in Knoxville and really likes their Property Manager.