I had a drive way removed for 400 dollars today.  

As an accountant, I can tell you that you would be paying 45% (basically if you are a high income earner) of your profit.

I tried to make a lower offer, but it seems the agent/friend is driving the deal, so can't really speak to the seller directly.

So basically I'm looking for an owner occupant to take it off our hands, or, in the absence of finding one, a new tenant... 

Every time I drive for dollars, I meet and hand out my card to contractors of all trades.  

We typically look at these as 36-48 month balloons on a 30-yr am schedule...7-8% interest...10-20% down...Alternatively, you could structure a lease with an option to buy....same basic concept but it works differently...contract for deed offers the seller the most protection because you hold title until the terms are satisfied...and there are a few variations of each...just depends on what you're comfortable with.

@Adam Bosley What county (city,state) are you in...this is pretty basic stuff.

These are all over in small quantities you can find them on Redfin, Zillow, FSBO.com, Craigslist, and even driving your desired area. 

We're a 30 minute drive from it and in the beginning we'll be the ones turning it over but I'd love to know how distance hosts manage preparing for the next guest.

Got approved with 80% LTV with just a drive-by.