Is there any way in which the building could be signed over to me or sold at a more reasonable price then I can turn around and take out loan using that prop as collateral to pay remaining balance on his original ask? 

Other reasons for heirs to do that, maybe for their own medicaid planning, I don't know. 

But I guess a California license wouldn't get me access to that information in Texas.So, I haven't yet found a good reason to put in the effort and $ to get a California license, and your reply is consistent with that.Thanks again!

Derrick,There could be a couple of reasons for this;- Current owner purchased via taxes / distress / etc. and received no operating information.

The active BP members in these cyclical markets (1) buy well (2) add value (3) use long term debt (4) maintain reasonable LTVs (5) buy in good locations with high demand (6) hold very long term and (7) have reserves. 

please do not use this post, for some reason, this posted twice.. my apologies

I currently rent out a 2BR/1ba unit for $1,700 in Bayside, a relatively small one, but we're 10 minutes walk to the LIRR which is only 30 minutes to Manhattan, and got a good reputation for schools which is one reason many people chose Bayside.

I know in many areas that have laws about this, if you have attempted to get your landlord to fix a problem and they do not within a reasonable time-frame, you are legally allowed to pay someone to come and fix it and then deduct the cost from the rent.

If I were in your shoes, I would dig deep into the numbers and try to understand how the asset can reasonably perform in your market.

Is it feasible for you both to agree that all cash flow from the property will be placed into a reserve fund until there is an amount that is reasonable, then cash flow can be paid out?