The biggest advantage, I believe, is avoiding the mistakes you would have otherwise made without BP.

I want to know views from experienced folks if I am making a gross mistake. 

It's been a lot of hard work and strategic decisions and a lot of learning and mistakes along the way.  

Don't fight with them just do what you have to do and take it as a lesson so you will never make the same mistake again.  

You appear to be paying 93% of retail value.Finally, you're making another critical mistake -- you're entering into a business transaction with family -- even when you know that family member has a poor bill paying history. 

A mistake that I have learned about here.

I have made a lot of mistakes over the past five years of being a landlord, and will probably make many more, but I have enjoyed the highs and lows of owning a rental property.

I have tried to work with them for far too long as one of his kids is friendly with one of mine (I don't put up with this at any other property- my mistake). 

Take it from someone who "forced a deal" and is stilling learning from that mistake :)  Tons of deals out there and not worth getting into a deal with not much buffer built in.One question.  

Starting small is a wise move so any mistakes you make while learning are also small.