Maybe I should propose to do a Lease contract for the two properties from them for whatever their PITI is plus a certain premium, with the provision that I can sub-lease the units at my discretion and am responsible for any and all maintenance and repairs, with a secondary Option contract stating that upon satisfactory completion of the 60-month Lease contract I will have the option to purchase at the pre-determined price.I'm very new to all this, Michael, what do you think?

You would be able to deduct some of your operating expenses against your other income {though I would propose if a property is generating more operating expenses than revenue, you have the wrong property} and, if your are in a lower taxation bracket than the top corporate tax rate, you would pay less taxes in your own hands.However, if you have a good income from your "day job" and are already in an upper tax bracket, there is less advantage to personally hold the properties and more advantages to holding them in a corporation (income splitting, separation of liability, etc).  

@Christopher Meaker it's good to think of ways to finance deals, but this one won't work as proposed. 

Un-screwing the audited financial statement proposal for Title III style raises would be a giant deal too.  

Go see the property you're thinking about buying, then go see another 10, spend some time in the neighborhoods, buy your proposed property manager lunch and then go buy a couple other local players lunch.  

Is my proposal sound? 

If you throw these leads away I have a proposal for you.

Each project is different , I dont believe you will find any contractor to work under what you are proposing .  

I'm certainly interested to see what you would propose for the space.

If you're not a member you may have more issues in showing your relationship to a proposed transaction as the agency will also want to know what you are doing, if you can pull one at all.