If you meet this requirement, then you can take the $250k/$500k (if married filing jointly) tax free under Sec 121.

When originally purchased did they buy it as TIC or Joint Tenancy?

Ask your local lawyer to draft up joint venture agreements in this case.

They will likely get joint ownership, pending no additional claims. 

There are a few siblings, so I'm wondering if it is possible to still seller finance given the fact that there is joint ownership?

I'm also interested in joint the team here in El Paso !

Another option we had was to do a Joint Venture.

Another option is to partner with someone via a Joint Venture and split the risk and profit.ORIf you are looking at a more passive investment, go to one of the crowdfunding websites which let you invest as little as $5k-$10k

LATE FEESThe Tenant(s) will be charged an additional amount of $25.00 if rent is not received in theLandlord’s office on or before the 5th of every month, for any Rent that is received afterthe latter of the due date and the expiration of any grace period under the Act, if Any.If there are multiple Tenant(s)s signed to this Lease/Rental Agreement, all such Tenant(s)sare jointly, severally and individually bound by and liable under, the terms and conditionsof this Lease.

Has anyone ever put together a hybrid hard money lending/joint venture deal?