Hello everybody,After a lot of reading and podcast listening, an opportunity may have arisen for me to purchase a friend's deceased grandfather's house from this friend's parents through owner financing.

Both parents are dead now and the house is held in a living trust that I am co-trustee of with one other sibling.

Bottom line is it's better to cut your losses and move on.You can deduct the cost for pest control from the security deposit because that is clearly damage caused by the tenant.

No lender is going to be in a hurry to put out money on a property where the only people with (skin in the game) would be them (the lender) and the Vendor (now a lender through a carry-back), and the guy in control of the asset (you) has no capital in the deal ("skin in the game").Unless you have a long and stellar track record, it would be very foolish of them to make such a deal and they would not be in business long if they took-up the practice.But, to your credit, it never hurts to ask ... just do not be surprised or offended when the answer is "No!"

We simply knew it was time to take control of our finances and break out of apartment living.

Remember you don't have to own a property to control it.

Thanks, I agree.....My parents lost a vacation home through a short sale and my dad had to be an accidental landlord/handyman when my grandparents wanted to rent out their previous home to live in a new house.

I had my parents for mentors as they were into REI as well.  

Capital is only as good as the one who controls it. 

Three adult children have taken control of it.