Your plan is also considered as predatory dealing, charging a premium for the arrangement, no financing arrangement adds value to real estate as you have outlined.

This is definitely not normal practice and is borderline fraudulent at best - I'm sure it's illegal in some areas, but might barely squeek by as legal in others.As you mentioned, the terms of the lease outline the rent and the period.

Can you give me an outline of how to do this?

Someone has to be able to make decisions, so thusly 51/49 ownership.We have a JV agreement that outlines the general reason and goals as to why we are getting together.

The promissory note outlines the terms of the loan. 

It would be amazing)We are coming up on two years at our current residence and have some great equity already (close to 200k if we sell for asking price)The owner of the house took it off the market but told me she'd still be open to selling it to us (her kids don't want her to sell but she doesn't want the upkeep of the place anymore)We'd like to offer her something like what I'll outline below but I've never put together a creative offer like this before so want to make sure I am not missing something.Offer:Asking price of $495k (this seems reasonable to us since most houses of this size and acreage are closer to $750K-$1M - we are going to look at it again and will get a better idea of what work needs to be done and then possibly offer lower, also, of course we'll have an inspection done)Take over her mortgage - she said she still owes about 60kDown payment of $X - not sure how much to offer but she had previously said she wanted to get $150K down if she was going to carry so she could pay off the 60k and still have some cash to get into a new place.

I will make sure to specifically outline the points you brought up though, greatly appreciate it!

I was firm in my offer and assured him that this was something that needed to happen "one way or another".On the same day that I spoke to him, I sent a 30-day notice to vacate along with a contract outlining the cash for keys terms, which I asked him to sign and return to me.

I would to create a spreadsheet outlining property details but yet to find any good resources.

I'm glad to see that you've outlined your goals on your profile and think you've set some that you should be able to accomplish if you put the time and effort in.Definitely listen to James' suggestions about where to start out here on the site!