Rooming Home By 3
I have an opportunity to get in on a scenario that has three rooming homes with a total of 18 rooms and boarders. The guy holding the properties said that they should bring about $350k and he is willing to sale them for $280k and take back a second for the remaining $70k. After the closing he will forgive the second and I could get the houses for the $280 with no money down. Is this a reasonable transcation? Should I try to get some hard money lenders involved to secure the money, since my credit will not afford me this as an option? Oh yeah I am a rookie at this. 
[addsig]
"forgive" the second? Why doesnt he just sell you the proerpty for $280K?
Because then it will be a 100% ltv loan instead of 80% ltv loan. Seller trying to be sneeky.
Private money if the numbers are right would be the way to go