I'll definitely look into it since we aren't on a hard timetable.

@Jason DiClemente I think that's a pretty reasonable time table.

I know one of the difficulties is in getting a home construction loan (high interest rates, strict time tables etc).

Although inherited tenants usually need to be replaced you can do it on your own time table.

After the both of you walk it, give him your number and see if he can meet that price and the timetable.

You need to add time tables, materials lists (to inclue sKU numbers), and a 3rd part inspection, as well as code inspections to that contract to make sure that you are covered. 

@Alex Deacon I did forget to mention that my work schedule is extremely flexible and i have given myself a 6 week time table to complete the work.

So if you are purchasing a house with land, you typically would try to allocate more of the price to the house, as you don't take depreciation on land.If your goal is maximum taxable writeoffs and you have a number of other properties, you may want to look into cost segregation (but it won't be worth it if you only have this property).Keep in mind that when you sell the property, you'll have to pay tax on the depreciation (usually a 25% rate).Be sure to chat with a CPA about allocating the purchase price in a sale, as you need to follow one of the multiple acceptable ways to allocate.Also, depending on how the rest of your portfolio looks and your timetable for holding, being less aggressive in allocating the purchase to high depreciation items may work out better. 

They will buy your house on your time table without all the showings and hassle of getting your house ready to show. 

I would speak with her about the rent and her time table for paying it.