He is more likely going to go back to school for a master's and/or find a fulfilling career, but we have no idea what that will look like or how much money he will make. 

Why not pull out the capital you have tied up to have a larger down payment (or even spread it over multiple properties) and maybe even keep some extra money in the bank for reserves and renovations?

Hello, can somebody help me understand what it takes to be a professional developer who doesn’t have large lump sums of money to invest but is hungry to make it to the next level.

Cashflow, area appreciation, and an opportunity to put low money downHow did you find this deal and how did you negotiate it?

Then I will refinance the mortgage that LLC 2 has andpay LLC1I hope this provides a better option as I have beencalling around and the banks are telling me that if I use my own money I willhave a 6month to one-year seasoning period.

Negotiating with the current landowner is possible, but the terms and potential costs are critical considerations.

I think it works for a great buy and hold rental situation, but it is probably a class C neighborhood and you will need to put a lot of money to rehab a 1950's property to get it rent ready.

No, we would be bringing some money to the table for down payment, closing costs, etc.. 

Conversely, if the seller NEEDED to sell the property to raise money for something, a fair price might be closer to that $2-3/sf number.

I used that money to buy two other rentals.