, the current market rent for that property, when his contract is up for renewal.Let him know that you are giving him a lengthy heads-up in case he can't afford it and decides that he needs to find a new place to live.If you can truly get the higher amount and he wants to break his lease by moving out early, it may be in your best interest to let him without penalty.Let us know how it turns out!

The lengthy part is getting the lender to accept.

In a situation where the seller of a property is hospitalized or very ill for a lengthy period of time, and the seller has given power of attorney to someone else, can the person with PoA sign a contract in place of the seller to sell and convey real estate?

Or drags you through a lengthy eviction.

So that is the lengthy reply as to why across the country.

I have spoken to a real estate lawyer in NJ about the laws in wholesaling and after a lengthy conservation on trying to explain what exactly I'm trying to do he affirmed that it is legal to get a contract from a seller as long as you disclose exactly what you're trying to do.

Sorry for the lengthy post.

Also both units have been on the market for over 100 days so I assumed he might be in a bit of a bind especially if he has two empty which is why I suspected he would consider a lease option with buyer favorable terms.I've spent the past hour doing the homework you suggested and read your lengthy post on DOS....

I will try to give you as detailed information as I am able at this point.The price is not solid yet, but the realtor seems to think 45k is a strong offer.Loan length is 30 years with no prepayment penalty at 4.5%No repairs are currently NEEDED to rent the unit, but I plan on personally painting and refinishing the hardwood floors.

If you have a lengthy eviction, a vacancy, an HOA special assessment or any other sort of big expense you'll be out of pocket.You can sell with a tenant in place, though you will widen your pool of buyers if its empty and its a place that would sell to an owner occupant.If you only lived there one year its not enough to qualify for the homeowner exclusion for capital gains.