He has even mentioned he is interested in being my bank, so ever since I herd that I have been trying to research how he can do this to his benefit, and I am also hoping to be able to put low to no money down.What I am hoping is that some folks would be able to point me in some direction of to what to read or where I can learn, and let me know if this situation is impossible or workable.

they are workable on fixing... but nothing gets winked at... 

And most importantly, what will be your plan B if plan A does not work.If you have a solid workable plan then go for it, otherwise you are doing nothing but gamble and speculate.Good luck!

And, yes, I agree that in the end, it's the sellers who will decide, but I joined this site to see how the world of real estate finance works, and so I do want feedback from people who turn numbers all day long.I sometimes think I have really workable ideas and I need a head check against my gut check to see if I am tracking or tracking like a fox catcher (to paraphrase a popular phrase without reusing the word "crazy.").

And that site is the most unfriendly un workable site on the planet..

@Frank GeigerYea, there were also a lot of smaller things like the wood around every single window was completely rotten... and some stuff that is workable but a bit concerning like the main beam holding up half the house was built on two rocks just inches from the dirt in the crawl space... hasn’t been destroyed by termites yet, but looked like a set up for a disaster!

After her passing, the farm was sold.The rent amount per acre will vary depend on the quality/location of the land and the percentage of the land which is workable.  

any old, special issue--knob and tube, aluminum, etc. types of lighting fixture, workable or need replacement? 

They're...workable. owner wants $270k, property is valuated by comps for $250-255k.

He is a savvy guy and knows what price points would make for a workable flip price compared to a workable rental price.