No need to go to pay sites or 3rd party companies.

It is likely that even the initial transaction may be a disqualified party transaction if you have existing joint ventures with this individual.  

While  in contract,  I saw a   foreclosure property in a neighborhood I want to live, great price, (Under 30) great location next to a  Golf Courses, casino and a race track but it needs work..  

The caregiver was not family and the old man did not want to disinherit his biological heirs  so he provided the home at a modest price but he made the estate the beneficiary of a modest  private money mortgage to provide a monthly remainder for his own adult children who already owned other residences in the same community.All parties were served by this arrangement until the nurse's own son developed leukemia brought exorbitant demands for both money and time causing.  

As long as there is nothing prohibiting it in your state statues, any agreement between to parties is enforceable.

The most important part is the cost and the potential rental and whether it's partly for your own use?  

Full transparency for both parties.  

But then you'd run into people who might assume you work at one of the casinos. ;-)Bottom line: make it happen!

They may agree to drop 5% or so off the sales price if you were paying cash or had 3rd party funding since they would be receiving their large lump sum in one shot.

The "just market value" of their land is then listed at $250K (the county defines JMV as "The price at which a property, if offered for sale in the open market, with a reasonable time for the seller to find a purchaser, would transfer for cash or its equivalent, under prevailing market conditions between parties who have knowledge of the uses to which the property may be put, both seeking to maximize their gains and neither being in a position to take advantage of the exigencies of the other.")I am very interested in learning by participating in this deal but I don't know whether i am getting screwed through 1) him assessing my basis too low by valuing it at 212 instead of 250k and 2) the terms of the overall deal.I am leaning towards doing the JV since there are other places where I can learn about rehabbing and renting, or flipping, but this property offers a great opportunity to participate in a development with a high quality experienced guy who is very well connected.