The 1% is meant to represent a point where the rental is likely to just barely generate some positive cash-flow.

When the capital gains are added on both notes purchased at discount and paid off at full face value, and real property appreciation, I obtain my 20% goal, on a very passive participation basis.

BTW, I have created several MMLLCs, some with people I initially never met face to face, and at the core are general terms and, legally, the Operating Agreement.

and pay them off with that, BUT if he were to sell the property, he would rather much sell it to us (his family).so my question here is if I were to bare interest in buying his property (it would be my first) so it stays in our family line, what would be the best way to purchase and finance it (possible house-hack or LTR if I were to purchase it) ?

If you are a flipper, your real estate along with related costs are considered inventory.The bare minimum feature within Quickbooks is to have the inventory feature.

You might be faced with the possibility, after purchasing  the property, of having an inspector come out, either during precon or during, or even after, then noticing the power lines, and being like "Whoops! 

I believe that successfully navigating this initial investment will pave the way for future opportunities, whether in the same market or elsewhere.Living in New York City, I faced a challenging market ;)I chose Montgomery, Alabama.Here's my process:I compiled a list of states with favorable landlord laws.Using Brightinvestor, I identified cities within those states where the median home price falls below the national average ($420k).I excluded cities with negative income growth and rising unemployment rates.I focused on cities with strong appreciation rates over the past five years (over 10%).I compared price-to-rent ratios.I did break two rules: Montgomery has a slight decline in population, and its largest employers are an Air Force base and government agencies.One significant factor that influenced my decision was the promising price-to-rent ratio, suggesting potential for positive cash flow (though I remain cautious about appreciation).Regarding my acquisition strategy:I plan to employ the BRRR method with cash.

On its face, bi-weekly sounds like a bad idea. 

If yes and yes money back or discount or sue and confirm they face penalties for failure to disclose and that they “remember” to disclose to next buyer. 

Also, I second the meetup in Ypsilanti as it is very close to you and should be a convenient way to meet people face to face.