If you had 4 other investors wanting to go in on the same building you could each take title to 20% of the actual building. 

Sounds like the property will need to go through probate before it can transfer to anyone else.

Everybody wants a piece of the "American Dream", altho there is some controversy over the how and why that became such a Universally Desired Goal.

But there are many little details in the process that I still am not personally quite sure on how to go about.

I wouldn't want to go into the deal with the wrong method of closing.

I don’t think you will have any issues renting the condo for that amount and Palm Harbor is still a desirable place to live.  

During the Great Recession of 2008, SF was one of the last places to go down in value, it went down less than most areas, plus it was one of the first to go up in value strongly starting in 2012.

I don't know how to go about changing to 3 addresses, how to address utilities, heating and any other requirements (e.g. 2 doors per dwelling or 1?). 

Yard/lot..is this a desirable lot or a not so good lot?

The more he is willing to carry the lower he may be willing to go on the interest.