I have been using a deal analyzer spreadsheet that I found some time ago and that has served me well for analyzing "normal" deals with a downpayment and lender financing. 

At this point you would be the owner and thus responsible for managing the property yourself or hiring a property manager to get the property rented (if it isn't already).Then after an agreed upon period of time (probably after your collection falls off and your credit score improves), then you can refinance the loan with another lender (like a bank, credit union, or HML) and payoff your family member.Thank you so much for your reply! 

I’ll send you a pm w my cell - text me and we can schedule a time to discuss.Sincerely, Mark Updegraff 

I have from time to time spoken with the city administrator, economic developer, & a person at building planning commission.

As for not feeling like it's the right time, I would urge you to focus more on the goals than your feelings. 

That was the right move for us at the time, but let me tell you, boy oh boy does it hurt every time I realize i sold a 3 bed 2.5bath home in dublin schools that I bought for under $200K...its the one that got away and honestly will haunt me forever...or until i go back and get it again...but seriously find a way to keep that thing fo the long term especially with that rate. 

Just remember you are spending time and money to improve a space that isn't yours and you're not able to take the improvements when you leave, ownership should have some skin in the game especially in a new build.   

A lot of times you don't know what the big box guys are going to refer to you. 

This is our first time renting.

I think  it's Vegas doing poorly, which is just an indicator of the economy and times.