I'm self-employed and work freelance.

Since the owner is leaving, I'd try to get title with a Sub-2 and then lease it as that will give you the authority to make repairs, improvements, contract labor, address assessments and any legal matter that arise like code violations.

With rent of $950 and self management, I'd estimate your NOI at about $600 a month.

I have a handy spreadsheet that helps me quickly assemble the various numbers (ROIs, cash flows, etc...) involved in assessing a properties potential.

This is a business for you now and you are the CEO, so you have to build and lead a team of the best, don't settle.I also guarantee you that the folks on BP will know more about using a self-directed IRA/401k than a generic financial advisor who recommends stock and bond mutual funds in varying ratios as everyone's ideal investment plan.

Wouldn't it be competition to another person to have similar interests in that same objective, only to become friends or partners with them?

That's when I stumbled upon self storage.

Look at the total value of the property per the tax assessment and see that they break it out via house and land.

You can earn that for your self, if you manage your own properties.So, start from that basis, and the market rents in your area, and the interest rate and terms you can get and figure out what you can pay.

These contracts need to be compliant with applcable laws and credit of any buyer needs to be assessed as well as thier ability to pay and meet the final obligation.