If you uncover that answer, it may shed some light on the investment (maybe it's good info and it satisfies my skeptical approach)I have found the biggest three seller motivations (with landlords) are:1) Tenants are subpar and current owner is tired of managing (in this, you're inheriting headaches, eviction, and much higher repair costs than you expect). 2)  An estate took over and just wants to get it gone (in which case there is probably a back balance owed that needs to be flushed out along with a general lack of property knowledge). 3)  My personal favorite: the Owner bought via tax sale deed (and therefore does not want to be a landlord, just wants his investment + reasonable return).If everything checks out, it sounds like a great deal bud.  

Send personalized, hand written thank you notes after your open house to everyone that attended. 

Or better, if one of you does not have the condo in your name, that person can get a conventional 5% down loan for up to 4 units through the HomePossible loan.

Do multi's need to be purchased in your personal name in order to obtain these types of financing? 

Unless you have loan officers do an exhaustive analysis of the persons life, you're stuck with the stupid but simpler rules.Talking about stupid rules.

I personally use $1 earnest money deposit to tie up the property for 60-90 days. 

Agree with what others wrote that its a very subjective number and everyone has their own personal targets. 

You are limited to 2% of the purchase price on a personal mortgage, but there is no limit on a commercial note. 

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On one hand, the unit is coming off being occupied by smokers, so its not a taj mahal, on the other hand, that level of interest at the price 1 month away from it being available makes me think there's room for an increase.I was thinking about messaging each person and telling them I've had an overwhelming response and will be doing 850 instead of 825.