If so then a 1031 exchange would be in order. 

If you are looking at this property from a residential and rental perspective, then it may work as long as you are willing to put your own income into the property. 

If you cash flow $1K per month for 36 months, and then sell with the ability to pull back your original investment, would you consider that a win?

If they understand they need to leave and discuss honestly what they can do to make that happen then you are both working to the same end.

Then you get 100% minus cleaning fees and maintenance. 

And then you argue with me saying that I don't know all the details (as in, well, these days even a man can get pregnant.)

On your tax return you would report the proceeds, subtract costs and proceeds paid to seller, then the remaining profit would be your flat fee.

Quote from @Jessie Dillon: one thing that you can do is have the seller transfer the deed to a living trust that they're the sole beneficiary of, and call the bank to give them a heads up that they're doing it for estate planning purposes. then, a month or more later, buy the property sub-to, and change the beneficiary of the trust. the bank can not see who owns a trust, and if they ever come back and question it, you can just swap the beneficiaries again, show the bank that the seller is still the owner, then swap it back again when they buzz off. this is one of many reasons it's so important to keep a good relationships with the seller if you're buying this way. you have to work together on some stuff.In summary: fraud. 

Then, if you can trend over time you'll want to see where the "path of progress" is going/moving and attempt to buy in that path of progress to gain some appreciation in the future.

I think the proper way is to "de-wire" the electric boxes, hang the drywall, pull the wires through the holes, reattach wires into the electric boxes and then push the rewired boxes into the hole from the outside in.