I prefer tax deeds myself, post auction lands available tax deeds in particular.

There are a lot of good choices, you can find them on BP.

Disclaimer that i'm new to real estate investing.From just quickly looking at the numbers, looks like you have way better investment choices than the property you listed. for a $300K loan (and $70K Equity), you can find 3 x $100K properties that can get you $1000 a month (or more) depending on the area that you invest in. 

I prefer to start with single family home but will be flexible to other type of properties.

The two common choices for doing so are the self-directed IRA and the Solo 401k.The Solo 401k requires self-employment activity, but will allow you to take participant loans while the IRA does not.A few other Solo 401k benefits:Compared to an IRA, Solo 401k contributions limits are roughly ten times higher.There is no custodial requirement for the 401k.You don't need the additional expense and administration of an LLC to have checkbook control.There is a built in-Roth component whereas IRAs are either traditional or Roth, not both.A spouse can also participate in the same Solo 401k plan.The Solo 401k has additional tax benefits over an IRA when investing into real estate using leverage.The penalties for prohibited transactions are less severe, though it's best not to utilize this benefit :)With either structure, it's generally recommended that you do not commingle retirement and non-retirement assets.

However, for anyone wanting to buy a property in this area to live in this would be a great choice!

I have studied many types of Equity structures in a syndication scenario with various types of preferred returns, equity hurdles, and more, however I have not been able to find anything about how a sponsor can buyout the equity limited partner in a long term hold scenario.

@Tyson Lee this is my personal preference, but I'm not a fan of properties that are all 1 beds and studios.

Question number one would be is it in a place where your FHA loan is allowed to continue on this as a rental property, if not you may have no choice but to refinance.

Certainly there's terms on the loan we have to honor but he's in the same boat utilizing agency financing as a preferred buyer.