7.99 % i get that but 4.99  is better than any bank i deal with and those are the best rates. 

Ideally rentals are held forever.Pure debt scenario;   cash guy makes a loan to you for purchase plus rehab at some fixed interest (4% to 8% you have to work this out) for some ammortization period (10yr to 30yr) with or without a baloon. 

Blowing 65k cash on a property is not the ideal situation since rates are so low.

Convenient drive to Whole Foods Market, movie theaters, and area restaurants.

My advice on this sort of thing would be to stop into the local building department, explain the situation and come to them as someone "trying to do the right thing in a non ideal situation". 

If the right property is not actively listed, on average I'd say it takes a maximum of 60-180 days from intro for the ideal prospect to present itself. 

A high yield or higher than average interest rate would be ideal but that is my main concern.Thanks

We want the future primary home to ideally have a mortgage of less than 400K.

@Nicole A. yes I would ideally have two copies, one english and one spanish have them sign both and keep copies of each

Ideally the value add exceeds the cost by a significant amount (our goal is value add is 2 times the cost of the rehab) and results in a significant rent increase.If the analysis shows that a rehab is not going to add much value add beyond the cost of the rehab I would use the money to purchase a different investment property.