@Heidi Kenefick It's all a numbers game and getting into your first deal with such a big rehab job could put a bad taste of real estate in your mouth. 

Ok, most adults with good taste of food will appreciate a somewhat good wine, especially in a 300K house. 

Has any one done this type of equity partnership with a seller or has any realtors advised their clients to take such deal.

I'm still finding good quads in the $450k to $550k price points for my clients that cashflow with 25% down. 

@Brenda Henry I've had clients in the same exact situation you are as an owner occupant inheriting tenants and here are some quick hits to consider and do once you take ownership:- right now with a month to month lease in place you have flexibility with the tenant.

Through attention to detail, a strong work ethic and always doing what is necessary for my clients and guest.

That’s great advice, I hadn’t really considered that my good taste wouldn’t appeal to the masses :) thanks for the response, that helps a lot!

Exit strategy is to hold for 2-3 years, take advantage of the appreciation, then sell to move up to client's dream-home for retirement.

If so how long did this take to you decide. i do not want to undermine a fellow agent but my loyalty is to my client and believe I need to do whats in their best interest.   

@Ashish AcharyaGive me a shout post 4/15.Right now I generally get on BP in-between clients to de-stress a little.Not a good time to get into a debate and dive into code sections.Perhaps my most recent example was too hasty reviewing the regs right now...The "-3" reg defines structural components by reference to Treas Reg Sec 1.48-1.The term “structural components” includes such parts of a building as walls, partitions, floors, and ceilings, as well as any permanent coverings therefor such as paneling or tiling; windows and doors; all components (whether in, on, or adjacent to the building) of a central air conditioning or heating system, including motors, compressors, pipes and ducts; plumbing and plumbing fixtures, such as sinks and bathtubs; electric wiring and lighting fixtures; chimneys; stairs, escalators, and elevators, including all components thereof; sprinkler systems; fire escapes; and other components relating to the operation or maintenance of a building.We know that a building and building structures are a single unit of property.