@Lawrence Mitchell,Welcome to the BP community. 

Theoretically, I should be able to collect the funds from the deal, should my family member decide to go through with the deal.

If it checks the boxes I move to more detailed underwriting.

I encourage you to consult with a qualified attorney to ensure this agreement complies with applicable laws in your area.

Ensure compliance with 45-day identification and 180-day closing rules.This post does not create a CPA-Client relationship.

Quote from @Kody Smith: without getting too deep into my finances, what my strategy is...1. take loans to buy properties (leverage)2. fix/flip for day to day cash flow income3. use some of the fix/flip income to buy consistent cash flow through:- business acquisition, - commercial properties (MF and store fronts),I have no intention of doing ALL of the management myself, I will hire management as needed (medium term goal)my expected core role is money provider, evaluating the numbers, making decisions, and connecting with investors, wholesalers, lenders, contractors, and property owners.while I am just on step 2 of the journey, I am looking toward step 3 to stabilize, and not worry about if house prices drop mid project or not (or not worry as much) So to be fair this is more about obtaining and growing a real estate business not simply buying rentals for cashflow.

Bit of a long story, but my partner and I are trying to purchase a property from a family friend of mine and we're having trouble locating the last seller.

Benton St property due to its desirable location and the opportunity to significantly increase value with strategic renovations.

I'm going to follow this to see what tips folks provide.MikeHey Mike, I am actively investing there so feel free to reach out with any questions!   

These are good things to think about!