@Tyler Condon, it isn't proper but people do make side deals where the parties exchange money separate of the closing but at the closing table.

I recommended he talk to his parents about buying the house in an installment sale and using seller financing with them.

The other thing I often see is that over time, different homeowners/contractors have decided to DYI adjustments to their home aka took out walls, didn't shore things up properly, put in new doors, etc.My point is that what you are seeing is not abnormal for older homes. 

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

., smoke detectors, proper handrails).

For clients who look at doing laminate, it almost never makes sense since the labor costs they are quoted to install end up eating up the savings. 

It's important to note that interest rates for land loans may be higher than those for residential homes.Utilities and Access: Many rural lots in Fairbanks are off-grid, so buyers should consider whether they need to drill a well, install a septic system, or bring in electricity.

As long as its renovated PROPERLY and tenants are screened all should be good. 

You are NOT responsible for tenant mistakes, neglect, or abuse.If the tenant installed the washing machine, they are responsible for paying for any damages caused by improper installation. 1.

I am considering converting the basement by installing an egress window, which would cost around $7,000, and adding wired smoke alarms.