The current owner is letting me take over the property as a tenant as long as I pay the water bill and the mortgage payment on it and whenever I decide I can purchase property for the balance of the mortgage  they are in no hurry for me to purchase the home as long as the mortgage is paid. 

We are General Contractors and part of why my cost for the conversion is so low is because we have the resources to pay at cost and the property is located in a county with lower labor costs than other parts of California.

Now, you need to figure out how to find deals and pay for them.

Are you going to pay them more?

You pay to open it up, but you won't pay monthly unless you take money out. 

@Jamie Parker pay for some one-on-one time with @Jonathan Greene - it'll be worth it!

But yo have to pay your dues first by connecting, attending and networking.My 2 cents,Mike

Be sure to pay attention to anticipated ARV and max LTV on the refinance, as well as seasoning requirements - this is where I usually see people run into problems.

Now, you need to figure out how to find deals and pay for them.

How do you actually know the purchase price others are paying and their margin?