I know plenty of investors that structured their deals like that in the Los Angeles market, where it was extremely competitive. 

This deal has a huge number of structural problems and the risk/reward ratio is not even remotely healthy.I think the only way you can do this deal is to do a Master Lease with Option on it.

Check out a blog post I did on the BP blog about co-gp/JV structures for syndication that go into more detail on this topic. 

We would be looking in the Philly market.How would you recommend structuring this partnership? 

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It is really hard to compare apples to apples here because seller financing allows you to do more or less whatever terms you and the seller agree to, that could be amortizing over 30 years or it could be interest only over 3 with a balloon at the end, so you can propose different structures to get you where you need to go.

We would be looking in the Philly market.How would you recommend structuring this partnership?

While I dont know the details, here is some info for the gift of equity loan structure.... this info is what the mortgage folks would be using.  

I never intend to live on this property but would either like to find something with a house already on it or ultimately we will put up a barndominium or some other unique structure to use as an airbnb.

One way to structure this is to pay the commission on the sale, and get a credit equal to half that commission on each of the subsequent deals.Many agents are willing to do this, many are not.