This sounds like a development, so you and your team should have years of experience and a track record of success before you take other peoples money. 

Renovated it, lived in it for 2 years then moved on.

I went to my first BiggerPockets conference last year. 

Purchase price: $240,000 Cash invested: $39,000 Sale price: $342,000 Held property for 3 years and rented out the property for 2 years with a rental profit total of $22100 How did you finance this deal?

When you learn the business after a year or two you can either go out on your own or stay with them. 

I stuck to it and it has treated me well over the years.I did not start investing ( other than buying a home to live in) till many years later..

I walked to the house and met a man who says he was cleaning out due to the loss of their mother in some few weeks back.The guy told me she is  left with 12 years mortgage on the property to pay the bank.

We have a single-family residence we own and have lived in for a number of years.

You should have all the contracts readily at your disposal. having been an agent for 2 years already, it's really concerning that you wouldn't readily know the contracts for such as of yet, so I have to assume you have done exceptionally little the last 2 years. 

(assuming rates are where they are today and rental prices increase during that time)Now, this may not need to be a 5 year lease.