Quote from @Simon Horowitz: I'd love to connect on here with trustworthy contractors that I can bounce ideas off. 

This type of deal can also help you minimize upfront costs, as you’re reducing the cash needed to buy the property outright by aligning the seller’s financial outcome with yours.While there may be details to work through, such as crafting a solid contract or ensuring alignment with any financing you bring in, these can be easily addressed with the right team in place.

My father is a contractor so we will be able to complete most of the work ourselves while keeping costs low and add equity.

Type Line Item Fee Fixed Fee Collected Rents 10% of All Collected Rents New Tenant Search & Onboarding $600 Variable Fees Business Hour Service Calls $90/hour + Materials Cost + Tax After Hour Service Calls $120/hour + Materials Cost + Tax 3rd Party Coordination HVAC Cleaning & InspectionGutter CleaningSpring/Fall Exterior CleanupSeasonal Mowing & Weed TrimmingSeasonal Snow PlowingGeneral Contractor Negotiated Vendor Cost + 10% Oversight Fee  

Seller was not willing to extend contract or accept creative financing options.

They also need to have a reliable contractor that knows how to price and work on rentals.  

Are you open to working with contractors, or do you stick with established businesses only?

However if you need help with rehabs and contractors it doesn't sound like this would help you one bit.

You might need to file 1099s if you used contractors or other people whom you paid for labor:https://www.biggerpockets.com/forums/51/topics/1167632-expla...

Get a written quote and have a 3rd party contractor do the work.