I wanted to help them out and minimize their loss and saw an opportunity to get a property slightly below market because of my commission savings, immediate mortgage and maintenance relief, in addition to keeping a lower short term interest rate How did you find this deal and how did you negotiate it?

Since you already have experience with both short-term and long-term rentals, house hacking a duplex could be a smart next move.

I like the other recommendations, give them a seller financing offer that is their asking and a good interest rate with terms that make sense for you, and offer what the bank will let you offer.

After all, you have no evidence they agreed to pay rent or any of the other terms.

It's not going to play out exactly like you hopedIf you have that mindset, not only will you have realistic expectations, but you'll create success over the long term.

I am very detailed oriented, almost to a fault and wanted more of a detailed breakdown/guide before I take the leap.

Find the one who writes scary inspection reports and catches every minor detail about a property.

Glad you made your way here.. are you eyeing long-term rentals or short-term flips?

@Nate Williamsthe terms of seller finance are whatever you agree to with the seller. 

Instead of losing 55k they will probably only end up losing $25,000 - $30,000Long term its not a great cash flow property but with some renovations and addition of a parking slab I think long term appreciation is the big goal here.