Purchase price: $31,000 Cash invested: $66,000 Sale price: $147,500 Converted an abandoned, condemned three bedroom, one and a half bath home with two rooms (one 30x15) unused/used as storage into a four bedroom, two bath home with family room.

We are trying to figure out what happened now and cancel the reservation. 

Have a conversation with your partners and mention to them that you are interested in buying them out.Make sure to factor in closing costs on the future sale in your offer.

The pictures don't work properly so it's hard for the tenant to even figure out what their room would look like.Also, be comfortable spending WAY more on construction costs, etc. than you would if you were rehabbing it yourself.

And for $50 a month plus the cost of skip tracing and sms campaigns it was not worth the amount of time I spent trying to figure it out.

There is a lot of land for sale in the area and I have considered buying it and slowly expanding on it as well.

I was thinking of renting for $1900 a month for 20 years, after 20 years the house would be their's, has anyone else done this type of for sale by owner?

I assume his income will not cover the cost of assisted living roughly estimated at 5-6k per month and I will have to figure out how to cover the monthly deficit. 

@Bill Brandt actually the house has gone up in value significantly since we bought it, we have a ton of equity that could be pulled tax free via sale, however we also have a 3.25% mortgage on the house and it could work well as a MTR or LTR as well.

I've done this myself more than once.You will want an architect (figure a few thousand for plans).