@Rashard Dennis They usually require some skin in the game.

You will want to use $220,000 - land as basis, which means the IRS becomes aware of the true value. 

I find that a very common hurdle that beginners have is assuming what a lender will or wont do. you said "I don't even think I would qualify for a loan of 100K" which may or may not be true, but you don't KNOW. what you really want to do is ask a lender what it takes to get that loan, rather than assume you can't get it and then blindly try to improve what you think they need. does this make sense?

They have more skin in the game then you do.Make sure you get clear title.

I could not find any reference to prior poster's 60 day comment, however it may well be true and in respect of your tenant and for honest business practice,  giving your tenant as much notice as possible should be done.   

Chris Youssi this is true!

This is exactly how i managed my first true buy and it worked out great. 

As a young man, trying to get in the game of real estate I do need help.

Also, you are able to move property in and out of LLCs without any tax consequences, generally, which is not always true for corporations.You will want to consult with a CPA and an attorney before you begin working with your friend. 

Would you investors even waste your time with such a discounted offer or is that just part of the numbers game?