"I've been meaning to get into real estate investing" is a very ambiguous statement and again, with some education on REI, you will have a better plan going forward.

He bailed me out of a jamb while under contract and from that point forward was great to work with.

I found out right in time that my neighbor would like to sell their property, as of the moment it would be an off market deal.Just looking for input on if I should proceed forward in pursuing the property..Asking Price $350,000Built: 1912Rents: under-market at1BD 1B $8002BD 1B $10002BD 1B $1050Potential rents are $1000 for the 1bd and $1350-$1600 for the 2bd's.

Just fail forward.

If you like the rate then move forward, if not then keep searching. 

The best path forward (IMO) is to sit down with @Adam Schneider and find some common ground.

If the owner doesn’t play ball with you, and writing up an agreement will test that, then I only see the above Airbnb strategy to minimize your risk but move forward with your dream nonetheless.

Good luck moving forward and reach out if you have any other questions. 

You will probably have to find a way to come up with more cash before moving forward.

If this deal goes forward and I happen to find a good contractor (because I'm going to need at least a semi competent one) I'll make sure to let you know.