Technically you could make arrangements to buy the property now at a much lower price so the family can use the money immediately with the life tenant remaining until their death when it would revert to you, but that gets pretty sticky. 

Find a property with a better cap or arrange for the current seller to have the rentals increased and lock the renters into a lease.  

@Tony SanFilippo, FYI, in most of the Denver Metro Area, this arrangement would violate zoning ordinances by exceeding occupancy limits.  

I am consuming all of the information I can learn at the moment, and my wife and I are starting to arrange our personal finances to get started.

Taxpayers who take part in a reverse 1031 may find hurdles if they need financing to purchase the property since there are "parking" arrangements and the QI holds title to the property you are purchasing.

@Erik Harrison and @Gagan Chawla thanks for volunteering to arrange a meet up.

Does the bank know about these other arrangements?

I need to arrange for an accountant still and am looking for recommendations.

We had one vacant unit, and we quickly made WIN-WIN arrangements with 4 other tenants so they would find themselves another apartment to move to.  

Boots on the ground guy will visit property, estimate costs, get under contract, and market for cash buyers, arrange closing50/50 split.