The place was more run down than anything I have ever worked on but the location makes it all work out.

With seller financing the two of you can work out terms that work for everyone and the landlord continues receiving steady cash flow, with none of the work.

I would never  risk $2K-$10K for something that might not work out.   

However, my routine when I receive a reservation is to immediately update that spreadsheet which makes it less painful than entering them all at one time.Mike

I unfortunately inherited 3 problematic tenants that are routinely late but as of now only one of my tenants have not paid despite 3 day notices and so forth.

Yes there is a standard Realtor form and yes there is a Realtor addendum form, but there are also many, many paragraphs attorneys routinely write that are either pro-seller, pro-buyer, or down the middle. 

But, it doesn't mean that it won't work out for you!

The math still doesn't work out to favor new construction, so there is obviously other factors I am not considering.

I've been told by my bookkeeper that I should 1099 him as a subcontractor to avoid extra taxes and also because partnerships, "tend to never work out."

In that case, I'll have to make sure that I have a lot of cash flow to save up in one year so it seems like I'd have to find a really really good deal because of the PMI.Maybe I'm just really confused as to how this is supposed to work out.