If the property was a foreclosure or REO then when they accept a contract they consider it ratified, but technically the agent has to wait on the final initials for sometimes as long as two weeks.

And in general, friends, family, co-workers don't like if one of their peers takes a step above their present status and will try to pull the back down to the same level. 

Just based on what's written, I'd guess the seller accepted it initially and then when it went to the bank for review they countered. 

I think you need to check the DBA database in you state and the federal one so you are not stepping on anyone's toes, also check for copyrights to that name through the federal government, and lastly, I think that the new marketing for housing with be with words like nysinc....the millennials will love it.

The reason I ask is that if you sold the units you could potential afford the initial costs if you can obtain 80% LTV (but it would be tight).Sell units: $330K value - $30K (cost to sell including agent and prep) = $300K

Chalk this up to being one step closer to your dreams!

This is my first purely investment property.Here are the steps as I understand them from reading posts and listening to podcasts concerning buying a property with owner financing:1.

Started reading the Bigger Pockets book on rental property investing and decided to join this forum to seek advice and help with taking that first actual step into investing.

This is the very important step. 

That would defer the tax on the other 50%.The only fly in the ointment I can see is that when your parents were buying that property initially to finish up the first 1031 they had to have the intent to hold it for investment purposes.