My assumption, therefore, is that homeowners facing foreclosure here might not be as motivated to strike a deal as those in Georgia were.So, where are you thinking of operating?

Hoping this can strike up great dialogue. 

Negotiations were handled directly between us and the owner, our initial strike price was $500k, after touring the property owner disclosed he had another offer and his price in mind was $510k (High Anchor), we issued LOI at $465k.

If you have a parent that is willing to work with you that is a HUGE advantage and you are definitely in striking range to make a deal happen.

I'd like to be able to strike a good balance between making rent affordable for tenants while also earning a fair profit. 

Best we can do is get as much data as possible to assess a deal, get solid about your numbers, and strike if it makes sense for you.

We'd just like to get on base without striking out.

So go start to learn about the different options available and see which one strikes a chord with you and pursue that.Hope this helps, but I always recommend going to get educated.

@Aaliyah Walton, your realtor sounds like an absolute strike, sorry, but @David Pere is absolutely correct; hire someone else.

I would strike that paragraph or find someone else.The next paragraph ("You agree to hold harmless...") seems relatively reasonable.