Now my questions are:What should I set my price for the house/land at?

As an aside, they have a problem since two different properties should Not share any utilities, and I'm guessing this was done without proper permits.

If anything we can call this practice : )Property is a side by side all brick duplex, newer windows and roof.  2bed1bath 800 sq ft separate basements and all utilities are in the tenant's name.  

But a good set of rentals will always provide cash flow, and almost guaranteed equity in 3-5 years (unless you blow the initial deal).   

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If you have your keywords set up, you should get a notification.

Lastly, if you do not want to be a landlord and are not set up for it, the over goal is to keep that part of deal between the seller and tenants.. you should not be dealing with the tenants at all..

We want this to be a formal loan and make sure that it is set up correctly and is also easy to manage.  

An LLC could solve quite a bit of this but he already has enough on his plate and really neither of us want to deal with an LLC on top of all this...So...We would like to take the rent funds in the name of the trust in a bank account and draft checks etc for the building as well.My question is how to set up a bank account for a land trust and is anyone using a bank familiar with land trusts?

Here are some good places to start: http://www.biggerpockets.com/meet- find and connect with other BP members that are in your area.http://www.biggerpockets.com/alerts - Set up keyword alerts to be notified of the topics that interest you.And, of course thehttp://www.biggerpockets.com/forums - ask any question about real estate!