Pragmatically, what you will want to do is get official with this loan from your buddy.

You should really speak with the local building officials.

I'm thinking of buying a place in another state and officially making it my "home" (for tax purposes, for homeowner write-off, etc.) but the majority of my income will be from Idaho and my son will finish high school here. 

I'm currently saving to build up some capital and finally make a huge push towards owning a property to FINALLY say I've officially begun.

We have one (not BP official) in the SE area each month if interested.

@Precious Thompson I had a buyer ready and able to buy as soon as I got my license...I was actually holding him up since it took a little bit to get 'on-boarded' to my brokerage and the MLS in order to actually do anything official. 

Currently for sale in the neighborhood is a FSBO 3bd 3ba 1,475 sqft house listed at $165,000.Sold Units:3bd 2.5ba 1,452 sqft - waterfront - $196,000 - Dec 30th, 20193bd 2.5ba 1,745 sqft - $164,200 (most similar to my unit) - December 20th, 20192bd 2.5ba 1,467 sqft - $164,00 - December 3rd, 2019My unit's old listing somehow still pops up.I'm having a realtor friend pull official comps for me but I verified all sold that popped up on Trulia against the cities property information site.

@Mathew Allen, bear in mind that I'm not a code official..Each room needs it's own direct egress.

@Mindy Bowden AWR has a program officially endorsed by the city of Philadelphia at a cost of about $8 a month to ensure your water and sewer lines. this is special coverage negotiated by the city of Philadelphia which is more extensive than what AWR offers in other places.

@Randell Summerford, do you mean the property was officially assessed to "Owner Unknown?"