Or to ignore the hassle of a FHA 203k or construction loan, you could conventionally finance the house, put your 20% down, then finance the renovation by other means--credit cards, personal loan, car loan if you have equity, private money from a relative?

I think you should ask yourself why is a person going to pay higher than market rent for this property?

Personally I have been interested in buy&hold property but I am open to suggestions.

@Dawn Anastasi thanks.... i'll go over there and see if it really reeks to permanent damage status.But I'm not a 1 strike your out type person.... especially if the situation is amendable(he's paid late fees and NSF fees twice totaling over $300)

Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.

Make it more personal than business like. 

As much trouble as she sounds like she is also a person with her own story. 

Hi all,I'm attempting to get in contact with a Trustee on a property [not a foreclosure], from what I can tell this person is the Trustee for a family/group trust. 

Instead it is listed as personal property and may have an owner completely different than the owner of the land.

Then the payments go back to the person who sold you the partial.To use your example, it is certainly possible to buy the last 5 years of payments on a 30 year note.