Perhaps a nice 1950's built bungalow.Always hire a 3rd party property inspector to give you an unbiased feel for the home.

Just trying to understand the math, how much was the total payoff to all parties? 

John will probably tell you (my assumption based on what I believe his business model to be) you need to go with a larger / higher end SFH that can house lots of people in a party pad type model, that go for $500+ a night.

To make it a bit fun we could have little parties there sometimes or let relatives stay in one of the extra rooms.I was wondering if there are any tax benefits to doing this?

Making the 70% ARV offer minus repairs is the #1 rule, but what variations of offers have you guys made that made sense for all parties involved.

We are negotiating the best options for both parties here.

Your geographical location will not be a driving factor if you can source local third party management.

You should hire a third party person that is approved by the seller like your title company or an attorney or any individual you both can trust. 

I would finance it for the price of approximately 130k after taxes and would pay about 15k to have it installed (which can be financed with the board as well) The billboard company hasn’t given me a down payment amount but I’m thinking I can get it around 5-10% The location is right by the exit for a large casino that is already willing to rent.

It's a very common way to get started in BRRRR, but the tricky part is you have to live there for a year.