I had to work out a deal with the bank to allow me to make only $650/month mortgage payments for the first 2 years so that the property could just barely take care of itself.

If he wants all his cash at once you could buy the house from him using an FHA loan once you qualify for the loan.It sounds like if this one does not work out you will be in a position come September to qualify for a loan yourself and not have to go a more difficult route.

Looks like classic BRRRR should work out.

There is such an enormous amount of work out there that they can pick and choose what they want to do that day and they're doing it based on what pays the most quite literally today.

Tenants pay all the utilities, handle the lawn care, taxes are less, it's less management intensive , tenants stay longer and my returns are better.

With the higher mortgage it now becomes a higher risk if I don't have it fully rented, where as right now I only need 2 renters and the numbers work out great.

There's plenty of work out there, and you can learn while making money. 

Cash investors tend to limit their exposure to it because it's illiquid, labor intensive to manage, has several risk exposures, and needs to be leveraged to get competitive returns, which means it requires a long term capital commitment.

I would then move into a small house for myself, and then hire a property manager and manage things on a less time-intensive manner from then on.Questions:1.

You may work out a deal with an experienced investor who'd buy it, will pay you a finder's fee and you'd be shadowing the whole process to learn how to do it right.If you do have experience:1.