Doing this would allow me to cut my down payments in half. 

I'm looking to invest between $50k and $75k as the down payment. 

This means sizeable monthly payments, but if utilizing with Value Add you can pay off the loan without a pre payment penalty at any time.Hope this helps!

The key will be to set up terms so your monthly payment works.

.#1 sell back to the owner with a Quit Claim deed and a 2nd position mortgage for the amount I have into the property plus interest and a down payment.#2 if the owner doesn't want to buy it back, I can begin collecting rent since I control the deed in my name at that point.  

You only need a place to track tenant information, payment history, maintenance, etc.

This would pay us back less than we were owed but still enough to come out whole.We all tried to negotiate a short payoff with the second-position lender, who foolishly demanded payment in full.

Then the rents would cover that payment plus the mortgage with cash left over.

At which point our evaluation should rise on the community for closer to $4,000,000.00We've enjoyed digitizing all payments, streamlining service, as well as infilling new homes.

At which point our evaluation should rise on the community for closer to $4,000,000.00We've enjoyed digitizing all payments, streamlining service, as well as infilling new homes.