You may be able to buy it at $215K, but how much more are you going to have to dump into it (roof, HVAC's, plumbing/sewer, electrical, common areas, parking lot, retaining walls, etc.). 

Any advance or deposit of money furnished by a tenant or lessee to a landlord or lessor to secure the performance of any part of a written or oral lease or rental agreement shall be returned to the tenant or lessee of residential or dwelling premises within one month after the lease shall terminate, except that the landlord or lessor may retain all or any portion of the advance or deposit which is reasonably necessary to remedy a default of the tenant or to remedy unreasonable wear to the premises.  

I'm looking for ideas on how to attract and retain younger, quality tenants. 

Having them drive out 30 minutes to look at a retaining wall to turn around is not on the "fun list". 

A mortgage is where a bank pays money directly to a seller and retains title of the property until the buyer pays back the loan.Because I am not creating a mortgage, I do not have to follow mortgage lending rules.

Interestingly, it contradicts the explicit words of an attorney that was hired with retainer. 

If you're sub leasing then the original owner would retain ownership (If I'm understanding you correctly).

You can expect to retain 70% of rental income on a decent property with decent tenants. 30% will go to taxes, insurance, maintenance and vacancy.

I will have a much lower payment for the mortgage, while retaining some cash for a down payment here in Colorado.  

Has anyone ever created a partnership with a vacant home owner where owner retains ownership of the property and the other person (me) acts as a property manager for renting and they split the profits.