I get what you are saying but It would be very difficult for a judge to rule that way legally when the tenant clearly agreed and initialed they are not participating in a installment sale .

The kids need to participate economically in the sale, and I'd want to confirm gift tax returns were filed in the past...

So if the percentage is based on the contribution from each partner, then the partner that puts up the 20% should be out of the picture once they get their money back...plus whatever agreed upon profit they were looking for...or at least they should have their percentage dropped, since their participation ended.Keep in mind, the participation from the other partners, that are responsible for all the rest of the continuing work, goes on, and on, and on, ane....

Hello BP, I have been a little sporadic in participating with BP.

There are several providers such as ourselves that actively participate on Bigger Pockets and would be happy to educate you on your options.  

It's interesting to read the public comments to see the different views on the issue, and it's encouraging to see how many people participated, regardless of viewpoint.

Hi @Adam Gordon, as you suspect, you would NOT be able to purchase this with an FHA loan since it would not be possible to occupy it in a reasonable amount of time (I think there is an actual definition of what that reasonable amount of time is that a savvy lender could share).The only route I could see around it would be if one of the tenants would participate in a lease buy-out of some sort. 

The only issue is that i barely have enough money for the closing costs and 5% down...

Speculation has a role in each person's financial strategy, but it is prudent to understand that speculation is different from investing and why.Investing looks at what the market has done and is doing and looks to participate in those things that the market has shows a willingness to reward. 

@Kate B. - Are your rooms furnished with a bed, dresser, desk and chair at a minimum?