I wouldnt give any consideration to what the seller needs in order to break even in determining the purchase price.

I suggest that you set clear goals and determine the types of properties you wish to pursue.

I encourage you to interview property managers to determine what their approach looks like when managing properties for an investor who does not reside in the market where the property is located. 

Those are probably the biggest questions someone needs to know to determine the feasibility of your ask.  

How are appraisers approaching value on multi-family when there are extremely limited comps available?I am considering selling a two-unit in West Texas, but only one duplex has been sold in town in the past eight year...

Both the CPA and the QI will be helpful in determining your options. 

There are 7 tests to determine if you materially participate (only need to meet one) the most commonly used tests are:1.

Depending on those estimates, the buyer can determine if it worth pursuing (I suspect it will be worth pursuing).Good luck

Determine at what percentage of completion you'll pay for work done. i.e.

Inherently the steps are the same as if you were purchasing with financing save potentially less closing costs and ability to close sooner (if needed).The terms of your offer (ie -contingencies, closing cost splits etc) will determine what is different.