In that case, they'll have an appraisal done, and your sales contract would have to mirror something close to market.If on the other hand, you give him a note, or take it on "Subject to" if there's a small mortgage, then I think you'll be OK.Another way is for him to deed you half the property, add you to the deed, you now own half. then wait a while, you buy his other half.

I waited in a long line at L&I building on an upper floor then someone helped me out.

https://www.har.com/content/newsroom/Houston Real Estate Highlights in June Single-family home sales rose 1.8 percent year-over-year, with 8,518 units sold, the largest one-month sales volume of all time;Days on Market (DOM) for single-family homes declined from 50 to 48 days;Total property sales reached record levels, rising 1.7 percent, with 10,115 units sold – the first time that number has broken the 10-thousand mark;Total dollar volume increased 6.6 percent to slightly more than $3 billion;The single-family home median price rose 2.6 percent to $245,000, reaching an all-time high;The single-family home average price increased 4.3 percent to a record high of $316,463;Single-family homes months of inventory was at a 4.1-months supply, the highest level since last August and equal to the national inventory level;Townhome/condominium sales rose 4.9 percent, with the average price down 1.7 percent to $211,050 and the median price down 4.1 percent to $163,000;Leases of single-family homes climbed 4.7 percent with the average rent up 3.9 percent to $1,877;Volume of townhome/condominium leases fell 4.2 percent with the average rent up 6.7 percent to $1,662.

How long did you wait before you bought another? 

I bought one about a year and a half ago and the other last year - I love both of these properties because I did lots of research and analysis and targeted the locations I wanted and waited patiently for the right deals. 

I had several people that told us horror stories about residential rentals and were probably just waiting to say I told you so when we failed.

Possibly, but wait for the properties to be bought as foreclosures, if you want the deeper discounts.

I'll wait for another correction and then buy. 

I will wait for higher rental by paying more. 

I think you will probably have to wait until the end of this year and report at least as much or more income on your next tax return.