They work out of wall street and I might have an opportunity to work with them but I'm not sure how legit they are.

If things work out reasonably well I hope to procure additional properties in the same market, though, so ideally once I build a team up I won't have to worry so much.If you haven't already, maybe pick up "Long-Distance Real Estate Investing: How to Buy, Rehab, and Manage Out-of-State Rental Properties" - I believe it's available from the BP store and elsewhere.

Ask the seller to carry some paper for a while and work out some terms that work for both of you.

The mortgage is has less than $160,000 left on it"In purely speculative numbers let's say the house is worth $265,000 - the capital gains tax could be $15,000 or more depending on how the numbers work out.

It's not common that things work out this way and I assume you had some experience in investing or had great advice on how to buy.

If there was any way at all my wife and I could work out a deal with them to buy this house, somehow, and rent it out while they walk away with some cash in their pockets?

No-Go = didn't work out. 

I've engaged similar discussions, I was the partner to bring finance, although it didn't work out at the end.The thing I wanted most as the finance person to make sure the operator/developer has skin in the game, that he will make money or lose money together with me.I'd love to hear what kind of arrangement you end up with.

Hey I may have someone who could work out for you.

At the same time I wonder if with most investors having their own contractors already that it may not work out.