@Dan DeGroff - I think you can probably do this as a primary residence since the scenario makes sense (e.g. you travel to Aspen for work during ski season), however, there are some major red flags here that you will need to explain and support during underwriting (e.g.

@Jonathan FelicianoIt depends on how deep of a partnership you plan to form.

IMO a bigger red flag would be poor record keeping on expenses and other documentation that would indicate property condition.Anyway, you're ultimately purchasing the income stream that *you* can achieve, not what the seller achieved.

If you are doing your part and really looking at the property and dug in deep on the underwriting, you should be good to go.

But, the situation you spelled out raises a lot of red flags. 

Napkin math on offers to get a rough idea, then a deep dive when under contract.

That would be a red flag for me personally.

Another option can be using a Hard Money Lender, a lot of times there is just less red tape involved.

What red flags should I be aware of?

If I were going to do anything, I would have shut down the entire thread.You had so many red dots your profile looked like a Lite Brite 😂😂 sorry, mod humor.