Think of it like creating an entity that exists specifically to play the role of the character conducting business activity in your best interest, that will also play as the role of the filter for anything earned or owed.

If he wants out, he has to be willing to budge on asking price.That's how I would keep trying to play it for now -- negotiate hard to get sale price down.

Location could also come in to play, if there is a shortage of rentals of one variety or the other then you may find that the property in demand is the way to go. 

I'm 23 and have been playing music since I was 5.

Do this at the time of contract signing so he has an incentive to play ball.  

I like shorter payoffs, but you must do what you are confortable with, to play a lttle game, sounds like you are looking for a 1% property and your father-in-law wants to see you in a 2% PROPERTY FOR HIS LITTLE GIRL...hmmm

It sounds like he's playing hard ball. 

I live in Lexington/West Columbia area of South Carolina.I invest in Lexington/Richland/Aiken/Florence/Kershaw counties here.

Play it safe, talk to your agent and his/her broker, and take it from there.    

These institutions play the role of the investor and insure the bank that is lending credit a method of compensation as long as the loan has been underwritten correctly and closed legally regardless of whether or not the borrower defaults on it years later.