HiI am getting started in REI and working on building up my contact list of other investors, attorneys, handymen and other friends.A little about meI have been studying real estate basics for the last 6 years, helped few of my own close friends ( my own home) buy and sell houses just to learn the trade but not for commissionWith my education and bit of experience, just started venturing in this new field but puruing very actively and aggressively.I realized having a good team along side in my journey will truly be helpful and mutually beneficial.Please reach out with your interests in REI and how we will be able to help each other.I live in the nw suburbs in Chicago area and currently working on a townhouse deal.

Would love to get together and share ideas and opinions that would be mutually beneficial. 

I will also be looking for networking opportunities in this Site to build up mutual professional relationships. 

Unless he's a skilled painter and just sees it as a mutually beneficial situation, this sounds like a huge red flag ...... proceed with caution.

It might be beneficial when you get to that stage to look at a 3% down conventional loan as well.

My goals are to learn how to use real estate to earn a greater percentage on my money than my current mutual funds. 

Best is a job with a REIT, real estate mutual fund, real estate equity fund, real estate debt fund, or private real estate investment fund.  

Because they are having problems selling to "normal buyers" I would say you might be able to work something out beneficial to both parties if you wanted to get creative.  

And if you did do seller financing, you would still need funds for rehab.To answer your question - seller financing can be beneficial for both parties if its done correctly. 

Would it be beneficial to re-contact the owner to see what he would sell it for now, or is it out of his hands and into the banks (and now a short sale), or should we wait until the sheriff sale if the property isn't withdrawn?