To my knowledge, there is not a single underground parking structure in town (maybe on a few homes, but really can't think of an example. 

@Kevin Reid This sounds like a decent deal depending on the interior renovations, assuming the exterior and structure are in great shape.

Meet with a mortgage broker to see what kind of loan programs they offer and what they count towards income, then you'll know what you can structure to help the sellers out. 

Ok I got this seller he has a 2bed/1bath 1064 sqft. House he paid $45,000 in 1996 he is now asking $64,500 or he is willing  to do a lease purchase with $20,000 down, $500 a month, for 10 Years. The ARV is about $75,0...

Can I structure it as follows?

Regardless,  HML's should typically be utilized for short term projects ~6 months since you're typically structured as interest only so take that into account.Also, some banks will take 6 contiguous months of rental income as proof of income for a cash-out refi.

R.C. 5313.07 is a key Ohio statute for RE investors.I always advise my clients when selling via owner financing to structure their deal with that in mind.

I forget what it is called) to determine if it is structurally sound or if it needs replacing.

@Ram Gonzales   you want to be careful couching your self as loaning money then switching them to JV in the structure you delineated.. this can be construed as bait and switch and the JV partner can make a claim that this is really a loan.So if its JV deals you want to do NEVER mention that your lending money because your not. 

However, the transaction can be structured as a 1031 Exchange upon the close of the sale today.