So even if you had a buy out agreement negotiated up front and execute that buy out agreement, the bank would still require him to be guarantor unless something drastic changed on your side financially.The best scenario here would be to purchase and rehab the property using a hard money lender or bridge lender.  

Most landlords wait for a problem to land in their lap, then they waste a ton of time thinking, worrying, researching, and bleeding money before they ever take action.

Luckily I have not spend any money on any "guru" courses.

If you ever have any questions feel free to reach out and ask I enjoy helping and offering tips and loopholes to help save time and money.

Many property owners rented, and decided not to rebuild, but to sell their homes and use the money to invest, travel, etc., staying in rentals.

Checked info online and should be getting some sort of updates, but nada.

They would be putting in some money and their service as sweat equity, and we would be putting up money and my wife’s services. 

Quote from @Jaikevis Reams: In order to put a property under contract I need to provide proof of funds I know that I can get that from a hard money lender but I don’t meet there criteria for a loan approval what should I do? 

If you can get a better primary residential HELOC rate than you can a hard money bridge loan I would say yes.

Let them know you are shopping and tell them to give you their best offer (all on the same day), and state you will go with whomever can save you the most money.