If that's you and you have no construction engineering experience or training in the tax code pertaining to depreciation they'll probably say you're not qualified.

My question only pertains to what the IRS might find acceptable for determining FMV.  

Does anyone know what NYS requires pertaining to lead paint in apartments?

What would also be acceptable, is once the broker attained the specific listing, the bank then wanted a subsequent BPO for portfolio purposes, because the broker would be servicing the clients specific needs pertaining to a specific listing already under listing contract.So, if you were a broker who had the REO contract for a lender, meaning it would be you who was going to list and sell all the properties, you could do BPOs for portfolios.

Nest month, you'll need a license to collect the payments as well, best to use a mortgage servicer.Need to read the IRS Code pertaining to business income, "being in the business of" as opposed to investment income.

If you get a general liability policy it only offers liability as it pertains to the rentals and you may be able to find a policy for around $500 a year.

The Landlord shall, at the Landlord’s expense, maintain the Premises in a safe, habitable, and sanitary condition and comply with all laws, ordinances and regulations pertaining to the condition of Premises.

You sound like you're probably headed for deep and shark infested waters on an air mattress, (LOL).Land contracts are pretty well dead in the water, two issues, one is with the new laws pertaining to seller financed transactions, if you pass a lending contract on to a buyer you're facilitating a loan assumption and doing so as a business may have consequences.

My comments pertain only to an out of state owner purchasing such a property, there are things to consider other than cash flow.

This weekend I was in a master mind with other companies and one was from Florida and apparently Dennis does have something to worry about as it pertains to his state.So Dennis, I think enough feedback is on the post here to warrant you either getting your license or buying the properties, because the whole felony situation is not worth messing with, IMO.Good luck and let us know how it is resolved.Chris