Now if you want to do something now with your savings it may prove not to a disadvantage if you and your relative do partner but in an all cash deal.

Sell the property and pay your relatives back..is one thought.You can record a DT on the property

People will work with you.2) Build Your Network - in the beginning you will have a small sphere of influence (your relatives and friends mostly).  

Video this too, to protect yourself.4) Document at least 3 attempts to contact former tenant to come get their stuff.5) Usually, after doing the above and waiting 30-days, your relatively "safe" in doing whatever you want with their stuff.CAUTION: we've been sued twice, both times after 90 days from when a tenant moved out, not evicted.

whatever...As mentioned, upon your relative's death, the "asset" would get a step up in basis and the Note would transfer to the heirs.I don't necessarily agree with the concept of the "...longterm value of the estate would essentially evaporate.." since you've just converted the value into a Note. 

This may impact both your basis and whether or not the estate should have recognized a gain--which may be pushed out to you anyway if you received the condo in the same year the estate wound up.Based on what you wrote, it seems most likely that your basis will be the value of the condo on the date your relative passed away.

Please advise a tax professional;If your relative becomes a real estate professional he or she will have the greatest tax  benefit.

Read what you signed.And presumably this is a profitable deal which would ultimately help your financial position and hence your relative.

Visist the area or have your relatives do some research for you. 

Talking directly to the sells is how you develop your relation intent with the seller.