This lady wants to sell me her house for 100,00 but wants me to take over her mortgage and she owes 96,000 .

I would think putting 10 houses on 1 acre and building a type of garden style community would be quite attractive and extremely profitable.

The preferred return and waterfall hurdles can slide around, there is no "industry standard" so it is up to you to determine what the pref and splits should be to attract capital. 

@Jonathan TwomblyThis is one of those industries that attracts snake oil salesman faster than chumming for sharks.It's a shame but a lot of people get really taken advantage of.Always keep your guard up.

There are other great coaches, but some of their pricing strategies are not very attractive.  

For the small business guru’s those Series LLC that are growing in popularity look very attractive.

I'm planning to seek out some private lenders and possibly do a profit share to make the investment really attractive for them. 

Condos can be attractive to a first time home buyer because you can usually get to them with a much lower down payment.  

Too much work on the 'home' itself like @Harold Anderson and @Mark Gruetzmacher  mention, plus extra landlord headaches with the clientele it attracts.  

Would that be attractive to the landlord at all?