One last thing, I'm not sure how long the man has left and he acknowledges this.

See your tax advisor.If you want to avoid taking income, as I did in a few operations, look into golden parachute arrangements, but ultimately the tax man has his day from small operators (if you're not issuing stock as a C Corp).I tried the company car bit, there were advantages but I only had one vehicle held in that manner, not a fleet, and insurance was high so, I kicked that idea.Life and health insurance can be expensed, but it's still a taxable benefit.

@Rachel Hughes my handy man has an hourly rate and I reimburse for all materials. 

Unfortunately, I am still a slave to the man - ha ha!!

The man has more real estate experience than anyone in this thread as well.

The man has been at his job 8 months and in the same industry for a long time. 

This man has my personal information and I think it's best not to taunt an angry lion.To be clear--the property was renting for $2,500/month.

I am concerned that he has been living there for free since the old man has dementia.

So I’ll use that for some of the down payment and the old man has agreed to help with funding at a very reasonable interest rate for the rest and the Renos.The condo is worth 195k right now .

I have a deal that the man has some renters that will not pay rent but is saying there.