The odd and costly repairs, The mean spirited tenants and they were professionals, not from across the tracks by the river, snow removals, parking in unrealistic places, they adopted dogs that caused disturbances and turds, Just to name a few.

Instead, it is much better to roll up your sleeves, and diligently hunt for the right deal, be highly selective to make sure you buy a great deal, force appreciation if at all possible, and get in such that you can stay in through thick and thin if you need or choose to ... this will open up multiple exits and tilt the odds in your favor ... heads you win big, tails you win a little, but the house always wins and you're the house ... if you are unable to stack the deck in your favor then the best thing to do is not play the game until you learn enough to from those that do ... people sometimes say that going for appreciation is speculation and if you get it it is only because you are lucky ...

If he's agreeable to this, betting he will be, we can refinance his current loan and I will assume half the loan responsibility.

I may add that to my list of things to do. hi jerry,i have bid and purchased a few houses just based on pics , so that's not new to me. but the houses in our area are almost cookie cutter houses and i know how much it would take worst case. i bet your area is a lot different. :)in addition, our houses are in 5 miles radius and i can get to any of them within 20 mins with traffic..you really have to have systems (help) if you are going to take a long vacation. you have to have google voice, an assistant if they have to show the place, a crew/handyman that can access the keys from a lock box and STILL.... it's stressful because it's your property and those people can "flake out" at any point.but you have to train them and you do it by saying "i am going for 3 weeks, you are dealing with everything"... they might surprise you!!

I appreciate the "I BET THIS NEVER HAPPENED TO ANYONE ON HERE" sense of humor - because of course, there are countless threads already on BP asking very much the same question/s*.

LLC is best bet.

Cash for keys seems like your best bet.

Of course none of this means A will happen as a result of B but if your a betting person, and we are, the odds look good that jr lien position non-performing notes will be in supply. 

It might strike them as odd, but they are proposing to eventually become a 50/50 partner in one of your businesses ...

I think your best bet is reaching out to a property manager.