Property Location: Moss Point, MIssissippi32 unit complex4 buildings sits on 2 acres and all units are on the ground floorAll 1x1 units (Market Rent: $500/mo) 60% Occupied ( most occupants are long term social security recipients ) Per the seller (seller from out of state) all vacant units just need cosmetic rehab to be market readyPotential Gross monthly income: $16000 ( all units rented and are paying market rate) Current Total Gross Income: $7400 ( due to vacancy and residents paying BMR) Current Monthly Expenses: $1941Monthly Note Payment: $3419.43Asking Price: $660,000Seller Finance Term: - Seller wants to be cashed out for the amount left over of the loan balance ($295,000).

I know a fantastic sellers agent but he doesn’t show anymore and was the first to tell me he isn’t very familiar with the investing side of things.

That would definitely work if the seller goes for it. 

The attorney for the seller (Fannie Mae) suggested that I sign a hold harmless agreement so we can close in time.

I thought about approaching the seller about writing me a check for $100k after the initial closing and doing a second mortgage type arrangement.

How well do you know the asset and the seller?  

The seller understands I wont be acting as a broker in the transaction and have found the potential buyer to assign the contract to.

Oftentimes the seller will base the price on current rents and depending how far below market they are you can get a unit that is renting for $1100 that should be renting for $2000 to live in by paying the extra $15,000-$20,000 in relocation assistance, which if you treat it like an increase in purchase price is a pretty good deal. 

So after months of back and fourth between my agent, I finally got to talk to the sellers broker.

To do that, you need to talk with sellers before anyone else, before the property hits a list.