First Rental Property, Need Answers

[Thao Lor]

Hi BP Family,

I am very new to real-estate investing and I live in Milwaukee, WI.  I would appreciate any advice or help you can give me.  I have this property that is a great potential for a rental property.  This property is own by my brother, it is paid in full, ready to move in, and at the moment it is off market.  This property is a 864 sqft, 3 bedroom, 1 full bathroom, and a full basement.  It was last assessed at $56,600 in 2018, I received this information from the Milwaukee.gov website.  I feel confident that I can nagotiate the price down to $50,000.  I can fund 20% ($10,000) by loaning from my 401K.  I already have a very interested tandent who is looking to move in.  I was planning on charging $900/month for rent.  So this leads to where things are uncertain.

1)  Will I be able to get a 30 year mortgage loan for the remaining $40,000 from a hard money lender or a conventional bank?  If so, please help recommend any loaning institution, I would greatly appreciate it.

2) Is a 30 year mortgage the best option to produce the best ROI?

3) What other options are available?

Thank You In Advance,

Thao Lor