I could use some guidance here.I'm looking at a scenario and I'm new, so any ideas or inputs would  be great.I know a guy ready to give his house over to the bank because he is going broke.I'd like to try and buy his house for a great deal and make it a rental and I'm trying to think of the best technique. since Interest rates are high right now, I dont wanna open a new loan and get locked in at a high interest rate on a potentially long loan. so I was thinking about that promissory note idea. where I promise him to pay his loan payment and it stays in his name, assuming he has a better interest rate than what I could get. any ideas on that tactic?

@Dom Chit, you have some good ideas to decrease OpEx, but sometimes it's easier to focus on the top line. 

So lets go with the idea the owner is carrying the mortgage and will pay it without effecting the deal. 

I love the idea of house hacking but there are very few options on the MLS to even do it, let alone at a reasonable price ($600k+).

This will get you and idea for the expectations for different price points.

It is not a good idea to try and make enemies with public agencies.

The very basic idea is that you're borrowing money for cheap and allowing your renter to pay it down for you. 

I tend to be a person that works much better/efficiently with one or more people to bounce ideas off of.

An LLC i'm a minority member of is undergoing an acquisition and my idea for planning for my tax bill is to start a new LLC just for real estate, and have the LLC purchase a unit or property outright to reduce the amount i can be taxed on and then live in the property.

I am telling them to avoid that deal like the plague, although I have no idea where to suggest alternative financing.As for her own property, they are willing to refinance her at a slightly lower interest rate, and switch it over from 26 remaining years to 15 with lower monthly payments.