I’m interested in what you learned about the risks and/or remedies on a property with an on workable deed so I can factor it into the purchase price. 

I am glad to see that Ed has a workable solution to the bug problem but I think the tenant will continue to be a pest that is not controllable as easily at the drain flies.

I don't want him tied to a property that is going down in value (and may continue to go down in value for the next 1-5 years for all I know) and I don't want him to have exposure to liability, and I don't want him to suffer damage from an earthquake (which happen regularly around here), and I don't want him to hassle with the possibility of bad property management or any chance of being bothered by tenants, trash and toilets. 5.I suggested the idea of carrying the paper as possibly the most workable strategy, and the least exposure to liability and future potential problems, and he is in agreement with doing it.6.My money partner is even considering the idea of holding the note for a long time and likes the idea of a 5-9% return on his capital.7.My money partner does not want to trade for anything (motorcycles, boats, etc.) just wants to stay with cash.8.We think that "owner carry" is the best strategy to get out of this jamb with the least amount of a loss (altho there could be a break even or maybe even a profit if this is done correctly).9.The basic strategy is to sell the condo with owner financing and get the best price we can... hold the note for 6 months or so to season it... then put it up for sale -- probably to non-professional buyers so don't have to discount it like we might have to for a professional note investor (eg. a retiree looking for a good return on his cash because treasuries, CDs and money markets aren't working for him any more)... continue to hold the note until we find someone willing to pay an acceptable amount for it... hold it for 6 months, 1 year, 2 years or whatever it takes to sell it off at an acceptable price... meanwhile my money partner is collecting interest which he will be very happy about.

However, I wonder about the possibility of this being a workable rental. 

I called three different investors, but none of them could find a workable solution.

But to be honest although I have been approached by many "wholesalers" none ever brought me a workable deal. 

These are are just a few of the big questions that you will have to answer for yourself to create a workable plan for yourself. 

Will be there first thing Sat to get the house workable. 

I need to know how workable is the tactic of using the property's equity to cover the down payment and closing cost as long as it supplements the rest of the funding being obtained?

There are transactional lenders to bridge the gap.If you have workable circumstances, the seller can seller finance (sub-to if need be, not a consumer loan) to close your side, then pay off the note.