I would really take the time to work out every number you could since you are GC, and go from there!

Could this really work out?

But I would think it could/would certainly work out if the numbers look good.And yeah, I don't think you'd have to discount the space due to less SF, or not much anyway.

You will need to work out a mutually-agreeable solution. 

I agree with @Ashish Acharya if you're interested in reinvesting the proceeds into another investment property and your goal is to minimize your tax liability a 1031 would work out well for you.

Our exchange didn't work out and they returned the proceeds via wire as soon as our 180 days were up.

I would like to work out a payment plan whereby they pay me while I have control of the rights to the mortgage then in 10 years I pay off the principal.

@KT Fissore I would work out a deal with you in TX and do it for 5%

Find out what rate rents are increasing and expenses are increasing in your area and use that in your underwriting, then work out each year of ownership. 5% rate in 5 years seems ambitious.

These things never seem to work out well 10 years later when you need them to sign stuff.