Each is a vital component, and the three of you need to work through the roles first. 

In that case it would not be an appropriate replacement property for your 1031.But what I see you describing is really just a NNN lease of the new property with an added component of the rent to own deal. 

@Brandon McLean the internal revenue code has great ways to help business owners save significantly on taxes.

Guess which of those three people is an internationally-renowned oral surgeon today?

@Isaac BlackMost banks have internal policies that sales going short for less than what's owed have to be listed on the market with an agent.

Area is important, however if your buying out of state the most important component is your team!

They are presenting an intriguing new mortgage product with an interest-only component at a Meetup I’m a regular at in case you happen to be free.

The Tax Court hates making up new law and likes to borrow from existing law.Here’s an interesting quote from a law journal article written in 1955 (“The Single Rental as a ‘Trade or Business’ Under the Internal Revenue Code,” U. of Chi.

At least until you have the property inspected to determine the current condition and life expectancy of all major components and appliances.  

Unlike a FHA loan, under a conventional loan the mortgage interest component will automatically drop off once you have more than 20% equity.