He will want to make sure that piece is accounted for appropriately on his end before you jump in with a proposal to acquire these properties over time when you're not just buying them traditionally.

I have found a market where I can pick up single family rental properties that have been rehabbed or updated for 15k-20k a piece.

@Scott Michael,I think you are missing a piece of the puzzle.

@Jesse Fernandez, possibly but theres a couple of pieces of information missing including the amount of depreciation you would be recapturing. 

The first good piece of advice in this thread.

Here again, it's normally country banks sitting on a lot of money that they don't need right away.Looks like the common thread here is looking for folks selling that don't need the money, or banks with too much money laying around, they are happy taking a piece of paper from you, i.e. the mortgage note.

They should be able to help you start putting the pieces together.

On a huge investment, that's a small price to pay for your piece of mind and good representation.Good luck.

It's a piece of information that when discovered drastically changes the situation. 

I feel dumb that I didn't catch this no incentive piece.