The contract is critical because it spells out the entire legal agreement. 

In typical contracts, the seller has three days to cxl the deal for any reason, and also asserts that they are not under any duress when agreeing to the terms spelled out in the deal...if it is not written into the contract, it is probably not enforceable...You said you're not buying from him, but if you did, I'd speculatively say he has no call once he hands you the keys.

using the credit report to validate previous address they might use as previous references, or spellings of their last names which you would validate with a possible criminal history so if they have multiple spellings of their name, it doesn't always indicate a spotted past but it allows you the indicators to be aware of and checkout.  

Beyond the glaring grammatical and spelling errors, several sections of his agreement were unfinished (literally, sentences without an ending to the idea specified) and there was a specific clause that indicated that I would need to pay a certain sum of money in order to secure the loan that had not been discussed.

Google trends Showed that "Aholic" is more common than "Oholic" but I got both domains in case people spell it with "O"

.- Have a payment go through a servicing company, that sends the money directly to the bank and the insurance and the taxes -  Open up an escrow account for the sale, which spells out escrow instructions when the exercise date is and what happens if the buyer defaults- have a "memorandum of agreement" recorded against the title of the property to let the world know that there is some kind of an agreement signed about this property,  recorded against the title of the property to let the world know that there is some kind of an agreement signed about this property, this should prevent any refinancing or sale of the property This should prevent any refinancing or sale of the property - in the case of elderly people being the seller, or if the seller seems like they're incompetent in someway ,  in the case of elderly people being the seller, or if the seller seems like they're incompetent in someway,  see an elder care attorney about making sure that there is a competent parties signing agreements @Bill Gulley may want to add@Steve Vaughan also.

Welcome to BP, @Bryan Jones from another Cincinnatian and another Brian(spelled correctly)  :)Tip 1: Figure out what you want to invest in within real estate.  

I think the first step is to see if you can actually get the tax lowered or "abated" then worry about if it can be done if you own the property in an LLC.Another hint would be to spell out the name New Jersey so that folks with that as a keyword alert will see your post.

They spell out what you do and why which is what dictates your tax advantages.

Also, have you seen the Approval Letter, as this will spell out what FNMA is, and is not, paying.