I need help understanding exactly how this would work out:"Balance between your cash and agreed upon price would be financed at 7.5% with payments of $300 a month."

I have no idea how to start to estimate the money needed to get this property in a salable or rentable condition.

Good locationCash flowPrudent debtAdd valueReservesGood recipe with any market conditions.

Most importantly (especially in the beginning) I will be very upfront with the potential sellers and let them know exactly what I’m doing by showing their house to other investors who may or may not buy the property.

I like maintaining one month rent (8.34%) for Vacancy and hope for 3%.  12% - 15% combined for CapEx and Repairs depending on the age, current condition, and type of property.It still may be a good Buy and Hold deal.  

. - That's exactly what I thought too.

The thing is, based on our initial reading of the zoning laws we didnt think it would be possible at first but then we went to the permit office found out exactly what the limitations were and built around those limitations.

@Eddie Quirk So if it was in GOOD condition, you would stand to make $75,000 gross profit.  ($160,000 sell price - $85,000 acquisition price).However, you have all sorts of expenses - and I'll just guess at your costs below. 

What condition is it in? 

The situation is this: My Grandfather passed about 20 years ago and left his estate to 4 children, uncle1, uncle2, aunt and my fatherThere are multiple properties/parcels (6 total) in the estate that are co-owned by the 4 siblings, all 4 names on the deeds.Uncle1 defaulted on his personal mortgageLien holder(bank) repo’d his home but home was underwater, and thus still owed beyond the repo.Lien holder found out about the shared/partner assets that uncle1 had with siblings and decided to go after themI'm not clear on the exact process, but I believe the bank will take possession of uncle1 (1/4) share in the partnership properties then will legally force the 4 way partnership to be dissolved through a court proceeding.The other partners or another investor are able to buyout the bank owned (1/4) share at an appraisal price.The appraisal is filed with the court so there are no shenanigans with valuationIf no buyout then the whole property goes to sheriff saleTwo of the parcels are rental income farmland, these are the ones I'd be interested in investing inNobody in my family nor my grandfather are/were farmers, the acreage has always been rented outI’m trying to determine whether I can buy out Uncle's1 share from the lien holder bank at the appraisal price with an IRA LLC and become the 4th partner?