Financing A Property In DC
I am a mortgage broker, and have an investor who wishes to buy a property in DC. The property will appraise for approx. $500k, but, after investing in fixing it up and building an addition, could reappraise to $700k or $800k in one to two years. The investor wishes to put as little of his own money down. I was able to find him 90% financing, which includes 80% on the 1st mortgage and a seller take-back of 10%. The seller is an 80+ year old guy, and wants to stay in the house and pay rent. Unfortunately, he cannot afford the market rate for rent, so my investor may have to subsidize him--something he does not want to do. Any suggestions? 
Good luck. I know that didnt help, but your friend needs to understand that he cant give something away and make money on the deal like that. I hope he can find an alternative, like finding the Eldrely gentleman anothe place to live near by.