Likely it is just a quit claim deed to your new name, however, also note that some states (ie MI - requires another form to be filled out and it changes our taxes - or can change them....).Get the help you need to make sure it is done right without costing you extra down the road.  

@Shak F. you wont be able to do a cash-out refinance with a conventional loan, since they require 12 months.

@Yents Ybrimovic If the 203k loan only requires 3.5% down and you can finance all the repairs in the loan - then what exactly is your friend contributing?

Long term rentals typically require much less work than a fix and flip.

This is due to longer notice requirements primarily.Collecting from the housing authority is great. 

If we buy in 25 we could rent it out to others first bc theya re required to stay in a dorm the first year.

As everyone should see from the above posts, investing in real estate, especially foreclosure and tax sales, REQUIRES a working knowledge of legal aspects that can possibly affect the purchase.  

If your land can sustain a data center (power requirements are huge) then the land would sell for a pretty penny.

But it's not strictly required.3.

They require tax returns, voter registration, car registration, driver license, and utility bills in the app to prove it's your primary.