EVERYTHING in this business should have a function a reason and a purpose.

I’m now going from driving, writing down addresses and observing, to writing letters, visiting divorce courts (Weird, but it’s a strategy), and several other methods I’ve picked up to find some great deals.

If you create your chart of accounts in an excel list you can basically download your banking in excel format and quickly classify transactions with consistency.From there you can sum each account and quickly run a profit and loss report.I like QuickBooks because as I grow my portfolio I have all the functions I need and I can run year over year reporting.

By renting to them at ~$10k below market annually, you are essentially writing them a check for $10k each year. 

I doubt you’ll have 700k to just write a check.Nothing you say will chAnge my mind that seller financing here is a good idea.  

CAP rate is a function of market demand and actual Net Operating Income.See if the seller will provide you with three years of Income and Expense statements. 

Write up the contract and have seller sign ( standard 1-4 family, TREC form in Tx)2.

As someone said - first thing to do is get her affairs in order if you haven't already and have DPOA's set up for finance and health if 2 people will be involved or just one for all affairs - definitely consult an attorney and get everything in writing - if your family goes and invests her money and you lose it or there are not checks/balances and someone is essentially embezzling money you're asking for trouble and can cause her all sorts of issues.  

He is willing to pull some cash out of this house to assist with some of the repairs also (so he has a mortgage to write off or tax reasons).

That plus my knowledge of how the economy functions helps a lot.Nose to the grindstone isn't a chore if you have a passion for it.Good Luck!