I'm a realtor and would love to earn your business if you and your relative feel good about it. 3 - Yes tenants should be informed, as a courtesy.

Have your relatives put up money for down-payments, give them an attractive return with good interest rates.Soft PaperOffer soft paper; interest only, no payments, single payment notes, unsecured notes, a post dated check for 3-5 yearsAcquire w/1st/2nd/Discount/SellOffer to purchase by give the seller a first and second mortgage, sell one or both of the mortgages for cash.

What about your relative financing the whole thing for you? 

You own the LLC, and the owner financing is between your relative and the LLC.  

If you do get your REL then you can make some profit while you study.

So.....end result is could your relatives set a price to all to buy and if no takers then sell it to you?  

Some of it may be due to your relative inexperience with construction matters, some may be due to your budget and choice criteria but no matter what the cause, you should re-think your methods (if for no other reason: your own sanity!).

What happens if your relative loses a job, gets sick, or simply can't pay the rent?

Also, think of a nice "thank you" gift for your relative!

Why doesn't the owner (your relative's associate) just clean it up and sell it himself?