And I doubt that I will be able to purchase it for such a low price.However, I have considered entering into a rent-to-own with the current owners to try and bring the final purchase price of the house down and then have instant equity once I purchase it.

I have been the agent on a number of deals that owners have been instant on the last dollar and ended up holding the property for another 3 months to clear a few dollars more or end up in the same place.My business model is simple: Velocity.  

So, I pulled my VCR out of my truck and the instant I turned in on the husband told me to stop the recording and shut his big lying mouth.I'm not anybody's daddy on BP and not telling anyone to break any laws.

The capex was somewhat significant and instant (but could have been easily worse).

Btw - i just got a great value add / hidden value triplex under contract, but im going to leave to germany for two months in june, so im looking to wholesale or jv on that deal. 205k, fully rented below market rents, 8cap but the actual value lies in 60-80k instant equity due to incorrect Public records, its only listed as a 800 sqft studio , but is actually three independent units, two 2/1 and one 1/1 with 2400sqft total on 1/4 acre lot, zoned for 4 units. message me on here or private for more info / location.

Thus, if I group the limited partnership with the owned rental property, does the group “instantly” pass the material participation test (because I spent 500+ hours in total across the members of the group)?

Not everyone is crazy enough to self manage like me lol Just last light I had an instant book. 10 minutes later they’re giving me this long speech about how amazing their dog is and can they bring him with.

And I was a HML in Detroit in 2002 for turn key operators and I can tell you it started to crash way before the crash that we all think of in 2008.. it was going downhill in 2005 precipitously  I had homes that appraised when I made the rehab loans at 120 to 150k  investors bought them back then with the nefarious instant equity at 100k  I loaned 65k on them and still took it in the shorts on the last two I did.

I doubt it's that long or that expensive in OKC but it's likely also not instant or free.Now, let's say you do go through this process and work through the hiccups, bumps, frustrations, etc.  

I text him a property that I am interested in and he books a showing almost instantly.