Goodluck and let me know how things work out. 

In the end everyone paid roughly $50 a month, and it seemed to work out.

Yes my clients have done these workouts before with tenants.The REAL question that has nothing to do with the personal guarantee is the business in demand in the area?

Originally i asked for owner financing and he agreed but later found out that wasn't going to work out at tax time for him as he wanted to 1031 the proceeds into another albeit nicer property but we were doing a 3 year term and the tax implications were not conducive to him as the sale would be noted as happening this year and not 3 years down the road at loan maturity as he was hoping.

Focus on tenant rental history pick someone you think it will work out.

First post here on Bigger Pockets, have been reading financial literacy books, and investment strategy books for the past 6-7 months intensely.

You just need to find one that works for you.My goal this year is to get my broker's license, if thing work out in November.

I have to get with an attorney to work out the LLC piece.

Double check to see if there are legitimate comps and how they would work out in comparison to the subject before you let the owner buy another one.

I'd been very skeptical of them in the past because they all look like they're just trying to scam you, and from what I've heard they never really work out.