Hi @William Sutton I coach lease option assignments, sandwiches, sub2, wraps and installment sales, on the buying side.Lease 2 own  and lease with right of first refusal on the exit.Doing virtual lease option assignments and sandwiches in florida is not a good idea unless you are licensed.I know this for a fact, Ron LeGrand says this, unles you have a licensed broker as a Corp officer.Florida is very strict.Are you doing Joe Crumps program?

At that time you will have to appraise the property to find out what is the market value of it and then you will get 1099-R on the distribution amount.

Thanks Ron!

@ron singh you will owe property taxes on a deal even if you own it for a day, you owe prorated taxes for that day.

Originally posted by @Ron Thomas:So here is what I am looking for advice concerning.  

Ron, it sounds like it might be quite a bit more expensive to add on than I was thinking.  

Managing myself isn't an option@Ben Leybovich @Ron Drake Just looking to buy and hold, not depending on it for incomeI can see that the answer to my question is basically, NO, my expectations are not realistic for true positive cash flow.My strategy is just buy and hold, so I guess if everything I'm looking at is cash flow negative, then I will just focus on the areas I want rather than the exact numbers.

(as mentioned by @Ron Drake )2) Bring a well qualified general contractor to the site to get their estimate to completion (I would get 3 of these at a min). 3) If there are any, I would ask neighbors what the story is with that property.

Originally posted by @Ron Drake:Not sure why you would accept an earnest money deposit without a signed purchase agreement.

@Ron Steele , I'm am considering this same option...