Condition can often be an issue.

Not having to move is an added benefit.Now, here is where things get more complicated.He wants to sell us the house for $200K which seems low based on raw SF numbers and such, but close to FMV considering the condition and amount of repairs & updating there is to do.

Is the property in rough condition inside?

@Daniel Tisdale Based on the condition of the property, could you do some renovation work to increase value...and add “sell for a profit” to your exit strategy options?

Repairs are going to depend on age and condition of house.

Additionally, since we are looking for fixer uppers, in what conditions would a bank not cover a house with a mortgage?

What you can't do is to fund someone's flip from your IRA on the condition that he/she will use IRA to fund yours.

Also, provide the buyer with other records such as copies of the current rental agreement, record of deposits, move-in condition report, and record of improvements made to the property since the tenant moved in.

Lenders have different lending terms and conditions compared to their competition.

The only thing the seller said she is willing to do is to get on the phone with the bank and authorize me (or just conference call the bank) to discuss loan condition to sell me the house.