You have the option of either buying a better property or buying more properties.I suggest reading @Brandon Turner's The Book on Rental Property Investing...it will run you through the steps of what you need to do.Also, listen to all the podcasts for ideas/information and continue to utilize the forums for advice.Good luck @Jeremy Cooper, from Houma, La.

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I think there are too many unknowns.The conservative approach would be to secure a position in the deal for as little as possible upfront with the parties that are cooperative, then pay the balance once everything else is sorted out.

It wasn't an expensive repair, but I did have to tear the whole ceiling out to fix the 2" leak in the cooper and then put in a new ceiling.

Willingness of others to cooperate with you and/or partner with you? 

This might work with a human seller who will think that you are willing to cooperate and find a mutually acceptable price, but banks do not care.  

It is not that simple if the owner can not be located or refuses to cooperate.  

What if the seller holds you hostage for your profits, won't cooperate and you are stuck with a partner you didn't want?

At closing, redeem the home, buy it from that person who redeemed (or in the act of at closing) it. you will need a cooperative title company.

So it is important that you have other demand drivers such as cooperate companies, digital nomad appeal, relocations appeal.