So, we think between his handy dandy jobs and my ability to negotiate, and with the very real fact that we have no money to invest at this time, that those are two real ways we can begin with.

If the seller objects, the negotiate it to something that you feel comfortable with.

So offer what you are willing to pay for it, what you see fit as for potential to make profit.Set yourself a maximum of what you are willing to pay, from there offer him lower then that and begin the negotiation process.

All of this is negotiated and spelled out in your operating agreement your attorney sets up.Expectations have to be clearly defined and agreed to UPFRONT as equitable for all involved.

The price paid 8 years ago is not very relevant in negotiating a price today but as the other have said the sale history of a property is public information and can be found through your counties assessor's office.

Your best bet might be to see the house and make the offer there, so you can negotiate properly (without highlighting TOO much the deficiencies of the property) with the owner.

Emailing back and forth and getting alot of snappy responses from people who dont seem to want to negotiate.

Try to negotiate, if the numbers work for you it should not matter what he is making.

To some extent, your interaction with the borrower to this point could be more of a risk and liability as you may be perceived as working with a borrower on modification terms or negotiating with the mortgagee and borrower without a proper license.

You have lots of out if it's not what you wanted.Just make sure you pad your numbers for all the expenses, under estimate the income, over estimate the vacancies and if it's still making sense then give them a good offer and re-negotiate after your inspections.Some of the apartment guys on here might have some good tips.