They all seem to be going about it differently.

Seems to have some experience....Mt.

It seems that paying above appraisal is considered poor practice.

The appreciation for the property is definitely going to be long term and not short term, so selling now isn’t ideal.The property manager agreed to market it as a medium term rental, so we’ll try that, but it's new to both of us, and it seems like it would have to rent at $3700 to be profitable; does that seem too high to the folks here?  

I'd try a few things before giving up because it seems more like the landlord gave you a wrong address instead of it having no address. 

It seems that you plan to use it as an investment, so will you do a Short Term, Mid-Term or Long Term rental?  

Does seem like a bunch of kids have taken the how to get rich with no experience doing Arbitrage class and the how to get rich with no money or experience wholesaling courses. 

@Gavin Jex seems like they are trying to help you out, but exposing you to tax issues.As @Chris Seveney already pointed out, one of you will be taxed on the 0% interest loan as a "gift".The other issue is that you will get the property at $170k roughly, and then be exposed to capital gains of the difference between that amount and the market value.Highly recommend you speak with an Estate Planner for possible better options.

It just seems very inflated but I’m impressed that you’re able to do that.

Although this post is 2 years old I think it may be helpful to point out that the thread seems to be discussing two different types of LOI (letter of Intent).