Who cares if you are “underwater” if the asset is making you cash flow...just don’t sell and you won’t have a problem.Also, the rich might still sell, they just might sell and re-leverage into a larger property.

Take care :)

I am in finance(day job)and I dont see this as much of an issue.

Another thing, and check your state laws if it's allowed or not.. but try offering rent discounted if paid by the first, and make the discount decent ... no one cares about $5, but if it's $50 or $75-- they will!   

He put a lot of money into it but needs to sell because of an illness in the family.I don’t want to miss out on the opportunity but can’t seem to come to grips with overpaying, even though it’s has value based on the renos.

Your purchase price would be $352,000 ($2,000 x 24).If you don't end up buying it then they just had you as a tenant for those 2 years, but presumably you've taken better care of the property than most tenants would since you had the option to buy it.

She will take good care of you. 

Considering the oil crash over the past few years didn't have much of an impact on the real estate market, I'm curios to see what will. 

Life is not going to give you a break because you have 31 kids to take care of!

They'll take care of you ;)