It might take a large financial institution with capital for “brainpower” and marketing, and financial and reputation strength to design as well as create a trading market for this type of security. 

If youre saying condos are trading at $220 a square foot....Id be planning on a value of $110 per square foot on a co-op.

You don't have a recourse because you took the liability on yourself knowing that is not his trade.  10 days later you have a water leak in the SAME bathroom causing the ceiling downstair to leak AGAIN.  

Do you have written confirmation that the sisters / mother are a good emergency contact? 

I wanted to be able to put in some sweat equity and learn some of the skills needed in this trade.

I think an equally probable scenario is that we'll convert it to a rental, and then look into a 1031 exchange if we think we can trade into a better-performing asset. 

Just make sure you keep enough in an emergency fund in case a roof or furnace goes out. 

In my leases I put clearly that if a tenant flags a request as emergency and it is determined to be their fault or not an emergency they are responsible for the cost.

I think you're right, it has always been a beneficial trade for both parties.I have not seen the inside yet, but the owner said he is more than welcome to show me once I have a pre-approval.

I currently work in the turnkey investment world helping investors create a real estate portfolio, if you are ever interested in trading different strategies and goals, I'd love to connect!