The initial offer was accepted.

My intent initially wasn't really to make money just to keep the mortgage up while myself and family stayed in an area that my daughter could go to a school we wanted her in.

Family member is older and wants to help out with initial cost of purchase but would then like to be hands off and just get paid a split profit from the STR.

I normally do all of the initial tenant correspondence via text or email, and for screening we switch to email since we will need attachments like pay stubs, W2's, etc.

I am using home possible conventional and my offers includes - $3K above the highest offer up to where the cash on cash is lower the 10%, higher initial deposit $5K and higher inspection repair contegencie (anything above 15k) and quick closing.

I own a bungalow in West Colfax, near the Perry St light rail that I initially lived in and have kept as a long term rental. 

Also, take the initiative to reach out to people, rather than waiting on people to reach out to you.

It was listed on the MLS and I made an offer but they did not accept it initially and went with another buyer, which they backed out after the inspection.

Under MLI Select it said Purchase/refinanceOPTION A: 80% of units: maximum rent is ator below 30th percentile of rents (CMHC in thesubject market) for units of similar type (numberof bedrooms)OROPTION B: Project approved under otherhousing programs/initiatives (municipal, provincialor federal) that provide support for developmentof affordable housing such as capital grants,municipal concessions or expedited planningOROPTION C: Social housing projects with upto 5 years remaining on operating agreement:additional criteria applyNote: For all options, the affordability of designatedunits must be maintained for a minimum of 10 years.Affordable units are subject to provincially allowableannual rent increase or CPI.Pretty vague description and doesn't speak to the point system so i'm waiting to hear back for clarification.  

I am currently thinking about another alternative where he would sell us the property at a loss or the initial purchase prices and then we would structure the remaining equity into a loan to us so he would only receive loan back payments which shouldn't be taxable income.