I am looking into using my 401k to buy the house outright as the owner has gutted the property and i cannot get a conventional loan. the bank has stated i could do a commercial loan for a short period but there would be closing cost.

I plan to keep the unit for a long period of time and so ideally I'd like a peaceful coexistence. 

Your inspection period should be five business days and starts the day after mutual acceptance, so if you timed it right, you could gain extra days there (check the contract).

., this is incredibly important, never, and I mean NEVER, give ANY credits from the rent towards the option.Never allow for additional payments during the option period that are credited to the option.If you want to do a 15 year agreement, then just sell it to him as a 15 year Land Contract.

I know that the extra set of () will allow you to use non-contiguous cells in the calculation and excel will see everything inside as a range of cells for the calculation.If all the above is correct, my thought is that I should be adding the sale proceed to the final year cash flow from operating the property (E1+E3) and then using the result to calculate IRR.If I try something like this is get an error: =IRR((A1:E1+E3))With the first forumla above, my concern is that it is interpreting cell E3 as separate cash flow from a subsequent period, rather than occurring in the same period as the final operating cash flow.

., the standard/customary purchase agreement used for residential properties in California provides you an inspection period for you to bring in an inspector. 

No matter what I seem to do I'm in the negative here with such a short loan period and high interest rate.   

There will be a period of time you have to redeem property.

If they are good tenants and pay consistently I would work on raising the rent over a period of time.

What is the fastest, most accurate, and most cost efficient way to get all of their phone numbers so I can market to them?