See if he would like me to partner on the property or all three at a 60/40 split with the plan that I will buy him out fully after 2 years.Lease  purchase.  

Can I just tell escrow that the PSA is not binding for any or all of these reasons and then list the property and sell it to someone else?

What ever drives this new system it's clearly up to him and if it is designed to advance the site in a way he wishes to conduct his business, that's clearly his decission and more power to him.I saw David Beard's "score" and I'm familiar with posts David has made, if his score is to be reflective of his RE knowledge, it is woefully inadequate, it's not even close to reflecting his advice given.Michael Q's is another who has expertise in RE that is being grossly under rated as reflected by his score.Michael L and Ann B are in the same boat.

Look for an investment partner who will put up some or all of the cash in an equity-sharing partnership.

Option 2 is a lot more exciting as it could put you on the news, in jail or get you shot, or all of the above.

The seller can either state they will not fix anything or agree to fix some or all.

Any person who violates this paragraph commits a felony of the third degree, punishable as provided in s. 775.082 or s. 775.083, or, if a corporation, as provided in s. 775.083.Florida Real Estate License Law requires that an individual who, for another, in Florida , for Compensation* or valuable consideration will need a real estate license if they perform any of the following when dealing with real property: AppraisesAuctionsSellsExchangesRentsNegotiates a saleAdvertises or represents as an individual involved in the real estate business, through either oral or written representationProcures sellers, purchasers, lessors, business enterprises or business opportunitiesCloses any transaction which results in or is calculated to result in a sale or exchange and who expects to receive ANY compensation or valuable considerationReal property or real estate means any interest or estate in land, or enterprise or business opportunity, including any assignment, leasehold, sub-leasehold or mineral rights.

I believe we bought the property under market value, and with steady rent increases should be able to do a cash-out refi in a few years to pull out most or all of our initial cash outlay.Negatives/challenges/lessons: Unfortunately, the seller ordered the wrong city inspection prior to closing, and the attorneys, brokers, and title company did not catch the mistake.

Either you're buying subject to, in which case you make all the remaining payments on the loan you're taking over at the existing loan terms, or you're buying with a "wrap" or all-inclusive trust deed with new terms. 

6.)Legal Stuff: BiggerPockets reserves the right to edit or remove any or all parts of your chapter.