@Roger Poulin  You mentioned that doing this would potentially not trigger a due-on-sale clause, and I will seek legal advice from this, but I was under the impression that if I take equitable interest in a property then it could likely trigger it.  

Like I said, just trying to find some way to finance it that would impress them.

I host a monthly meetup every last Tuesday of the month in Fort Walton.

We also lead the investor group for the Volusia county chapter of CFRI, and meet on the last Thursday of the month in Daytona off of International Drive.      

Hey BPers,New to the site and really impressed at the friendliness, expertise, and camaraderie happening around here. 

@Anton Ivanov you're last question is definitely another option.

Having even the impression that they had a bidder, who you turned off to look at your item is a quick way to get a bad rep and kicked out of future ones.

The owner has paid so far $70,000 on his mortgage(bought the property for $105,000) but due to personal reason he hasn't been able to make last few months mortgages, in total he is $5,000 behind.

Agreed with @Ben McMahon .... impressive that you have 11k saved up first of all at that age.

Here is what we know so far:Out of state land lord Has been for sale for more than 3 monthsAsking price 240kBuilt in 1981Each unit is 1050 sqft 3/2 with utility roomRent is $1050 (I have not seen the actual numbers this is what the real estate agent told us)Landlord is paying water and trash but don't have those numbers.Two units are currently leased Last roof: unknown AC and water heaters are currently working but do not know when they were last replaced.