These are all primarily Admitted carriers.

I wouldn't take that money to buy him out I'd liquidate and move into better asset class like extended stay development or 3 story walk up apartments 

Oil and gas wouldn't be what it is without the government taking on much of the risk through the intangible drilling costs tax credit, and the depletion allowance act deductions, and literally hundreds of other tax benefits, loopholes and direct subsidies plus the fact they have access to public land to be drilled for pennies on the dollar, and the government cleans it up once they're done. 

Many of my clients are high W2 earners who are taking advantage of the "STR loophole." 

We're open to all strategies, buying, selling, renting, etc.

This will keep you from having to tear it all out and making a mess.

This happens all the time, usually with heirs, but it can be squatters as well.

@Kiryl Ulanovich,You're on the right track:Get Pre-Approval from Hard Money Lender – Know your terms and limits upfront.Find a Deal Through a Wholesaler – Verify numbers and ensure it meets your criteria.Review the Assignment of Contract – Confirm terms, earnest money, and contingencies.Conduct Due Diligence – This includes an inspection (if allowed), verifying ARV, and rehab estimates.Submit to Hard Money Lender for Final Approval – Lender will review title, contract, and property condition.Title Search & Clear Any Issues – Ensure a clean title before closing.Close Through Title Company – Finalize funding and take ownership.Consider also lining up contractors early for a smooth transition into renovations.

Take care.... 

I would focus on the house hack and not take a pay cut.