This guy is definitely a nurture lead. both of you can also look into 1031 exchange and using a self directed Roth IRA for investing.

@Chris Watson, Since your basis both adjusted and depreciable carry forward in a 1031 you will be able to take advantage of whatever depreciable basis is left as long as your purchase of depreciable property supports that number.   

Not too many properties able to carry that type of deduction without veering into negative cash flow.Buying cash flow is definatly not investing and extremely expensive.

The seller wants to carry financing now, so very little cash will be required.  

They are very thorough at carrying out their due diligence at the purchase stage.3. 

Will still talk to him about smoking in the vicinity of the home but as I said before, right now the smoke doesn't carry over into the home.

I would double check with your CPA , because the interest carry law changed and it effects class S or C or LLCs' ...

One of the best books I've read so far on creative financing is a short little volume called Owner Will Carry Jack Miller.

Except your carrying costs.biggest mistake people make is not asking for enough money, not calculating for unknowns and not having enough reserves, usually 3 months worse to cover carrying costs.

Then propose seller carry back financing as a solution to the seller.