He said that, if you're going to cut someone on the purchase price and cut them deep, your odds of success increase greatly if you can back up your relatively low offer with ample evidence (i.e. hard numbers, backed up by research) on why the low offer is appropriate.This could be any number of things. 

If you can get 275k out of it, which it sounds like you can (be it from your relative or on the open market), you are essentially tying up that capital for a $1300 a month rental income.  

I would also say ditto on keeping in mind your relatively early stage in life.

A JV that is simply an Agreement that informs the LLC of your relative amount of interest gives you the most protection and best tax advantages.

@Dustin GaleHi Dustin, Any progress with your relative’s deal?

Mike- Although you may know her, it should not have any relevancy unless your related.

Post your related experience, the number for the deal, and sit back.

If you own a property or car free and clear you are able to have your relative write a note and you can get utilize the debt in that case. $50k is a lot to come up with so a car might not do it. 

But do you have any assets that you can have your relative give you a loan against?  

Something to note about her - she is much prettier, and much nicer than I...That said, Jason - if you can, on BiggerPockets none less, utter the words of juxtaposition of Zillo valuation to LP to reality, and be for even 1 second confused about anything at all, this serves as empirical evidence of your relative stupidity in the subject matter.