If you are buying to live in, you could also do FHA with a cosigner.

I actually got caught up in the creative finance bubble of trying to lock up properties way over their value just because it had creative terms not realizing that if you were to buy a property at 120% of its value you will never be able to refi or sell without paying out of pocket.

So even if you had a buy out agreement negotiated up front and execute that buy out agreement, the bank would still require him to be guarantor unless something drastic changed on your side financially.The best scenario here would be to purchase and rehab the property using a hard money lender or bridge lender.  

I currently reside in Ohio where I buy SFR rentals and do a couple flips a year.

Since this is a real estate forum, I'd just clarify what someone could buy the real estate for and what your lease terms would be.How many sq ft?

Buy that if want, it's probably closer to the 3-5s.  

BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.

Focus on analyzing properties and starting small, like house hacking or buying a single-family home to rent out rooms, while ensuring cash flow and maintaining an emergency fund.

He buys small barns and converts them into 2-3 bed cabins.

It sounds like you have a great background for investing as well as assisting other real estate investors in buying suitable real estate.