Hey everyone here's my story which almost sounds like it comes from a movie: we bought a house close to Atlanta airport through a wholesale company for $139,250 in August 2023 and we used a fix & flip loan to fix it up, refinance, and rent out.

In one case I game them a percentage based rent for a year as well (covid), then reverted back to the fixed lease afterwards. 

Wood windows with this problem can often be fixed with a $5 part that keeps them open when raised into the open position.

Sellers will be able to sell to ibuyers and fix n flippers direct and still avoid a broker3.

The property owner could fix up the property to a minimum standard and then deed the property over to the Governmemt.  

Or you could possibly sell and do one 1031 exchange into one property owned by one of you but again reported on both tax returns.It's always nice when the taxpayer and deed match up. 

If your property is in an S Corporation the "distribute" or "sell" or "fixing cost" of the property might impact your tax situation.

That being said, I think there might be an opportunity for this program to be expanded as the the politicians seem to finally be understanding that they need to do something to fix the lack of supply of new construction homes and I'm thinking this program may end up being a part of their solution.I've tried finding some real meat/details on the program but all I can seem to find is the broad strokes at a really high level. 

I agree with @Chris Seveney that he doesn't have any chance of fixing anything with a custodian and needs to focus on making sure tax returns are correct and assets are moved to his personal name. 

@Steve Gardineri'd get a couple roofers out and get their opinions on fix vs. replace.