If they couldn't afford the previous payment, what makes you think they'll be able to pay your rent.For another, this sort of arrangement can get declared a equitable mortgage.

If they are still interested to reply and we could arrange a phone call.

That's not to say that they are over-valued, simply that I see a 15-30% 'too high' prices compared to where we are more consistently 'in the money' when evaluating opportunities.Again, I believe in the market we have here in Des Moines the Rental #3 and #4's really are not there anymore, there were lots of them as recently as 2-5 years ago although you still would need to know what you were looking for and have the skills, balls, and grit to execute.The #5's are there now but require some looking and obviously require a little more in terms of capital to get into them, as the trick in that price range and value of home is to find one that can be financed, or to have the cash to buy outright.That means for us we are evaluating other options in life - however we also have evaluated other markets, and the last one we looked at for a possible out of state arrangement was Chicago. 

There is a lot of information out there and if you pay for it, it MIGHT come more conveniently arranged to your situation if you pay for it....

Unless someone else wants to jump in, I will make the arrangements and post them here.

One colleague I spoke with said that he had discovered a healthcare DST sponsor who sold directly to investors (like this arrangement, although he couldn’t remember for sure whether it was this sponsor you are considering) who was able to project higher returns for investors by buying properties where there were not many years left on the underlying lease.

I'd like to understand the process of creating a Joint Venture (JV) contract for this arrangement.

The background checks came good and no issues there (no evictions, liens, judgments, bankruptcy, criminal etc) How do i arrange deposit and keys?

Perhaps Illinois laws are different with respect to negligence, or perhaps you are engaging in activities that protect you in your individual case, but I would recommend that anyone who is thinking about engaging in any business activities should seek out their own, personal attorney to discuss the types of business structures one should use based on the unique business arrangements they have planned. 

@Fernando Corona I do not get the feeling that the seller will be interested in this arrangement.