You are trying to get bank rates & terms for a private non-arms-length note.First, the interest rate is too low.

Now let's look at the numbers (Monthly)Average rent/unit = $775Gross Income with 94% occupancy = $24,02550% gross income for expenses = $12,012Bank Mortgage payment for $1,875,000 @ 4% 30 year = $8,952Seller finance $375,000 for 6 years @ 4%, with interest-only payments = $1250Private money loan payment for $300,000 for 6 years @4% also with interest only payments = $1000Subtracting all expenses and debt service from gross income gives me = $811 in cash flow which I would set aside to use only on the property.

I know it takes time and work but I would much rather work hard now to be able to get this to be my source of income sooner rather than later!

It's a golden opportunity because my uncle is also willing to sell it to me for a small amount upfront, as long as I structure it properly so that he'll get the full value over time or gets made whole through the rental income once we have tenants in.

Should I put a percentage of my rental income aside or should I pick a set amount?

Taxes appear low enough at about 45/mo on this property to not lose too much money.

I am looking for a tax advisor in the Kenosha area to help plan tax strategies for my real estate income and my passive income.

If anyone knows a lender that would be able to loan us enough to pay off our immediate needs which would be around $17000 with 1 low monthly payment for 12 months both my husband and I would be very appreciative.  

As investors we're always trying to get properties for as low as possible.  

Inexperienced new flippers are buying whatever they can get their hands on at/above list price since inventory is so low and they don't know enough about the numbers.