So even if you had a buy out agreement negotiated up front and execute that buy out agreement, the bank would still require him to be guarantor unless something drastic changed on your side financially.The best scenario here would be to purchase and rehab the property using a hard money lender or bridge lender.  

I financed this property using down payment funds from 403B and a local commercial bank. 15% down from personal funds. 85% down from community commercial bank. 3yr balloon, 20yr amortization, 7% interest rate.

@Tony SchmuckerYou've done great narrowing it down, but focus on cities you and your spouse would enjoy living in—numbers aren't everything.

A bit about my situation and motivation for getting into real estate investing...I have a full-time, high paying W2 job as a specialist physician that I generally enjoy but would like to  be able to supplement my income over the next 8-10 years if/when payments decline in medicine.

When I tried to get it when my side of the family found out and tried tp take over reverse mortgage payments to bank because she had died it was to late so they sold the house to Hud and then other reverse mortgage companies but a relative still lives there so they can't kick them out.

If you are willing to live in urban areas you may want to talk to a local bank in your market and see if they have any incentives or grant loans for certain areas.  

Nevertheless, Jeff told me he thought I had a shot with this bank, and that I should go down and meet with the president.

I have a few banks and family offices I've worked with for years that will definately do the deals with me. 

and I was just one little mortgage guy with 450 loans out.. can you imagine the banks with hundreds of thousands of loans and servicing companies.. so having mass equity or paid for keeps this from ever being an issue. then when I sold these off.. most for cash but a lot I did a 30 to 60 month ZERO interest deal on.... and boy you should have heard the cash flow cool laid drinkers..

You may want to share you analysis with a few banks and/or property managers as they will typically weigh in on your assumptions if they are potentially interested in working with you.