If you join a local REIA and get to know people in the business, you can make friends with people who can really help you put the pieces together and get a good understanding of what's reasonable to expect in your market. 

You could make the proceed check out to that fund.What's important is to let the son know that he won't be required to deal with the sale... you'll take care of all the details and make it easy on him.One last piece of advice.

I have a client looking to grab a BEAUTIFUL piece of land for development because he can close as soon as zoning is done and the big guys want to wait 15 months until their current subdivisions are closer to finished.Proof of ability to close within 30 days of zoning/platting approval should look really enticing to a seller

@Jay Whitfield More like the renter knew how to be a complete piece of sh1t human being....

I have a piece of rotting fascia board on a building.

Possibly other investors in the area who would like to help and get a piece in of a good deal?? 

Brandon Turner wrote a great piece, The Real Estate Agent's Ultimate Guide to Working with Investors.

(The Ownership piece)  The seller is still on title so you don't actually own it...  

It is also on a piece of sought after waterfront property where most people like to knock down and rebuild.  

I'll give you an important piece of education, stop the education and act.