The only concern is doing it in a way that does not create bad blood between yourself and the original seller.  

As of right now, my previously mentioned friend and I have entered into a blood pact / partnership / cosa nostra type agreement that we will combine our meager government sponsored resources and intelligence into a REI venture.

Over the last 2 1/2  years we  performed, with blood , sweat, and tears multiple renovations to property totaling about $50,000 (both profits from cash flow and our own money) and have turned this property into a low A property.

In the Cleveland area doctors check the lead in kids bloods every year, unlike other areas-ever 2 or 3 years because of the age of the housing stock.

My 14 year old son who I think has some nephilim blood in him (he's gigantic compared to me, I'm only 5'5), is so cramped in his room that he shares with his 10 year old bro, while my wife and I share our room with my 4 year old terror.

That takes guts and vision, (and usually some blood,  sweat, and tears).  

LLC with great insurance is what most need in this world of owning a few rentals.YOu get true protection when you have multiple partners that are not blood...

In many markets right now you could make 1,000 offers at 70% of ARV minus repairs, and you'd probably win none of them (unless it's an off market deal with no other buyers in the mix).That being said, your numbers look pretty thin on this one:Working backwards from $95k ARV: - $4750 realtor commission at 5% on re-sale - $1000 seller-side closing costs on re-sale (plug in your own accurate local number here) - $1000 holding costs (utilities, insurance, debt service, etc) - $2500 cushion for surprises - $20k rehab - $500 buyer side closing costs on purchase (plug in your own accurate local number here) - $55k purchase priceOnly leaves $10k meat on the bone for a whole lot of blood, sweat, and tears.

If there is any possible chance of bad blood I would treat it as a purchase (at $450k) and not try to refinance later, there is always the chance that you can't refinance for awhile after purchase from a bank.He can quitclaim ownership in the property, but not the mortgage I think (not sure).  

Totally agree @Manolo D, but they are retiring many of those old guys and bringing new blood.