(I always ask, "If you had a $20,000 gift card from Home Depot what would you update or fix up on the house?")

The gift of desperation is a powerful thing.

I can tell you how it works in my state and the general (federal) tax concerns.The partnership (LLP) would need to agree to transfer the property to you or an entity you own (such as an LLC) under terms that wouldn't equate to a gift.

However, there are still may tax consequences that need to be examined.The three main US tax issues that foreign investors need to be aware of are: (1) income tax; (2) estate tax; and (3) gift tax.

But it's going to be very tough to get a private person to pony up their money unless you have this deal locked down with a contract.You can go to local REIA events in the nearest big city and pitch your deal there.You can work with local self-directed IRA and 401(k) providers to obtain loans from their investors.You can get a gift from family.You can take out a HELOC on your current property and contribute that money toward the purchase.The list goes on...

Give away gas cards and restaurant gift cards etc. with the top prize winning 50 or 100 bucks or something.

And be incredibly kind to the guy....having a police officer friend is the best gift in the world for a landlord....and guess whose house is never getting robbed???

Ideally I would build my first home as there is a possibility of gifted land from my parents. 

That happened to us when we bought an 8-plex that was fully occupied.... the two tenants with pit bulls and the stripper with all of her "guests" and the single mom who couldn't pay the rent all moved on their own... with no ill will and with no destructive "parting gifts" damaging the property.

Other than that, this is a solid deal especially considering it as a gift from family member.