While land prices in the area average around $10,000 per acre, discussions regarding the owner's asking price and potential financing arrangements are pending.

I told him I can arrange a meeting with my neighbor on wednesday or my project manager on Thursday.

Several BP commentators suggested that arrangement was not optimal.

Here's some information which I hope you may find meaningful:1)Renting a property to a family member at a rate significantly below market value may raise red flags with the IRS, as they might consider it a personal arrangement rather than a business one.To qualify for tax deductions, it's crucial to treat the arrangement as a legitimate business transaction.

Inexpensive land scaping is a good place to start - simply mulch the flower beds for example.

Are there any special arrangements you need to accommodate for any of the residents (transportation in general, trips for dialysis, monitoring blood sugar levels, etc.)?

This deal was arranged for our management client who wished to sell their asset quickly without having to go through the hassle of the market and without having to deal with any more rental issues.

The agreement should be done by an attorney but the Trust can be a simple two page form.Partnering with family can cause long term emotional stress, if your agreement is written, signed, notarized you will avoid fights, as this is a business arrangement.

@Josh Haney I believe the legal/compliance piece is fairly well covered by those who already commented I completely agree that it's important to retain legal counsel to assist with drafting and also loop in an accountant to confirm structure is arranged with tax efficiency in mind. 

Are there any verbal agreements or arrangements between the current Landlord and Tenant?