Partnering with seller to turn property into a rental

[Joanna Ortiz]

Hello! 

There is a property in a very good neighborhood that my business partner and I are interested in. The house once belonged to owner's parents but has long since been vacant. Current owner has been paying property taxes on it for years. It's not in great condition but owner doesn't have the funds or the motivation to fix the property and sell it herself, but she is also hesitant to sell it to us as-is. So we came up with the idea of partnering up with the her to flip the house, turn it into a rental, and split the income equally. We will take care of the rehab, listing the property, etc. and she will include us in the title with the option to buy her share of the property at current market value in 10-15 years. Would like to hear your thoughts on this. Thank you!