I usually net minimum 15% NOI for every property I have in the area give or take.I would classify East Lake as a low income neighborhood but it really is for those who want to buy and hold.

I would classify the deal as "fair" for everyone involved a win-win-win-win if you will (buyer-seller-agent-lender).But lesson is/was "firm" isn't exactly firm...

I suspect you will be considering a corporation (maybe two) and the real question will be if it could be created/classified as an active/operational corporation {i.e. earning active income from flipping or land development} and not just a passive holding company.

It is currently rented but I will love to find a creative way to get rid of both of this properties.What makes the exit hard, is the current economic situation of Puerto Rico, Government Bonds were classified as Junk bonds and most of the people in the Puerto Rico are employed by the Government.The current trend is a sharp decrease in population and unemployment well above the double digits.

Oak Cliff is a very large part of Dallas so to classify it all as a war zone is not really fair or accurate :)More to answer the question...

If it is still classified as active farmland and your friend has Canadian citizenship then he may be able to use his lifetime capital gains exemption to reduce the amount of capital gains due.   

Not sure what the paperwork exactly said in your P&S agreement, but it will likely be classified as an installment sale based on the law of your state.

I posted the property on Craigslist and the local classifieds website here in Utah and zero calls.

@Seth Sherman  Wow, you classify an entire city as being a zoo with animals.

Also, would the bank be able to tell me how much back taxes are owed, and would that be classified as a tax lien deal?