The early portion of my career was buying turnkey rentals, like the one you described. 

So did you buy the $15,000 course? 

This acronym stands for Buy, Rehab, Rent, Refinance, and Repeat.

Where in PA is the small piece of property you're looking to buy? 

Quote from @Atif Khan: Hi, new here. i just finished building my first spec homes out in granbury tx and was looking to buy a few more lots around dfw metroplex.

Which area did you buy your first property in? 

Quote from @John Friendas: There's a house I'm considering buying with a business partner as an investment rental.

Quote from @Brandon Vukelich:If you buy a vacation rental in Hawaii, then you're tied to that location.

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.  

@Jaycee Greene Yeah it is easy for one to get discouraged when buying this type of project but I must say they are decent when trying to start low and build capital, that way you dont have to deal with **** properties or mediocre neighborhoods again.