Judgements?)

On the other hand some courts have ruled since you have no constructive receipt the judgement creditor does not owe the tax.  

I like to get something in writing from the tenant when they leave saying that they are officially gone and have left nothing that they want.2) Yes I have gotten a money judgement on a past tenant.

You absolutely can be sued for and judgement awarded for more than your current net worth.

Code fines become civil judgements and judgements follow you and ruin your credit report and being "up to code" is essentially a brand new house, so when you buy old housing stock, you run that risk.

How do you know there are not judgements against the owner or a mortgage, or perhaps back taxes.

Property has over 20k in judgements against it and needs a good 20k worth of work, but is worth close to 130k right now, it will be worth 170k-180k once its rehabbed.

If a buyer of an option is required do to anything, pay rents on time, blow his nose weekly, fix the rain gutter, babysit your kids, then you do not have an option contract you have a sale agreement.

Even so, I'm in this thing for only $25k, and I've certainly done sillier things with $25k, and plus now I'm not paying rent and am now getting landlording experience on a cashflowing property in Southern California (though I know a lot of that cashflow will go toward maintenance...I'm not spending or investing any of the cashflow...keeping it all in reserve...who knows what the rains will bring with them?).  

We have almost no rain except during the monsoon.