I'll take the opposite approach.... 

However, given that they've also given us a formal appraisal of their value, it's actually also another piece of leverage to re-approach the owner. 

In New Orleans I was on the board of one of our neighborhood organizations, and when approached by Whole Foods they let us know there were requirements for parking, average income, and traffic. 

I went into the house yesterday and there will be lots of deferred maintenance as the owners have taken a very hands off approach to landlording.

There are several ways to get into the property management space without risking a large outlay of capital, makes sense to keep your options open as to the approach you choose.

How do you approach this question?

The way I approached it is by having a local vacation rental management company, I complement bookings the rental management company gets with my own advertisements.In the AZ area I went with a company called AwayLiving. 

Since winter is approaching we want to get them now on a 6 month lease to stay until spring.  

I've now been approached by investors through my personal network, and I can see the opportunity associated with taking on investor capital; however, what is the best way and structure to take on the additional capital? 

Obviously, it's going to be a long wait, but I had thought that I might be able to approach him with some alternative financing ideas after some time (he doesn't want to hold paper...yet).