Instead of splitting your monthly rent by the number of bedrooms, maybe split by number of bedrooms and add a $100 per room for the headaches of having to manage collecting rent from all the different tenants. 

Also, do you guys use apps such as cashapp or venmo to collect rent?

The entire thing was something someone decided to just cut the old trusses and plop and new set of extensions onto those trusses that was much bigger on without any knowledge of load bearing to the floors below. 

The owner is willing to carry the property while I do the repairs, when we sell he would then collect his $250k( the original value we determined I would pay) plus a small percentage of profit (yet to be determined). 

The seller is an agent/investor with a fairly aggressive negotiating style, and will mostly likely push for an extreme (multiple points) extension penalty.

@Trevor Dominique -- my initial thoughtsWhat are the current (as-is) operating financials; physical occupancy, economic occupancy, revenue, expense, collections, aging, etc?

As such, one always needs to file for an extension or rush to get your own return prepared.

Three days after cancelation, the seller agreed to pay any extension fees I would incur to keep the deal going.

You inputted a rehab of  2 months, so you collect 10 months of income for the first year. 

Been collecting rent and claiming interest and expenses on tax returns per terms on the contract.