But they felt we needed reserves and want to put a credit line on another apartment building for $820,000 and restrict $500,000 repairs and allow $320,000 for the actual credit line.  

I met with the guy in person the weekend after and asked him to give me a more detailed estimate (at least the high ticket items).

2) Rehab cost estimating seems to be a part of the deal that is most important to the buyer.

Highly recommended!

It's highly likely that Wells knows the owner is an active duty military service member.

A good resale value note will be well seasoned (over a year of on time payments), interest rate of 7-9%+, balloon is a plus, in short foreclosure or highly desirable state, good equity in the house, and created by a licensed Residential Mortgage Loan Originator.If note is poorly created, mortgagor can walk away with a free house that mortgagee cannot even foreclose on due to possible broken laws or poor paperwork.

So one of my big goals is to own a large multifamily apartment complex.

Even if it's not, I am still hoping to partner with him on a small apartment.

Net/net- high demand and high home prices in this area. 

If I use percentages, than that would change based on the selling price of the apartment.