Since there is a co-owner, you would have to purchase the property and it is really hard (if not impossible) to pull a HELOC as the basis for the purchase (since it is not your primary residence). 

Investment Info:Single-family residence buy & hold investment.

They are saying that they are 'beseiged' with calls from LA County residents wanting to relocate out of state....to AZ (mostly).

There's a reason that people try to buy properties off-market and that is because you can find sellers who care more about terms than maximizing returns.So start with a conversation: you already presumably have some rapport since it's your landlord and you've spoken before.

I buy deep though, and don't seem to care to budge on my bid given the scope. 

I would tread very very carefully here

I always viewed it as "who cares how much money I put down", I plan to pay them all of before I retire as part of my ultimate strategy anyways. 

Careful going outside state lines -- contract for deed is not allowed in Texas.I didn't think COD is illegal in Texas, just perhaps not recommended anymore, because it is difficult to comply with the rules or regulations. 

Add utilities, lawn and pool care $800-1000.

My current asset allocation based on age and risk tolerance not counting my primary residence is 70% stocks, 20% RE, 10% cash/bond type vehicles.