So, without further ado, I did a little bit of research and this article I stumbled upon, I hope, will enlighten you on your situation and back my propositions arising from it.It appears to me that in the case of an assignment of contract you would not need a CO or any other certificates in order to assign a contract; regardless of whether the property you are assigning is located in a municipality that requires such certification(s) because the duty of obtaining any certification(s) fall solely on the seller as stipulated in the law.

Thirdly, recent changes in legal interpretations of laws regarding rental landlord/tenant rights stipulates that blanket policies of never renting to anyone with a record can be grounds for discrimination suites by violating the Fair Housing Act.

The family that lives there now does it, because the lease stipulates they are responsible for lawn care.

Although I would think stipulations about rentals would be rare, or if they are there, transparent before you would purchase the place.Maybe my risk tolerance is higher than the average.

I would advise you double-check any local ordinances that may limit your actions in this circumstance.However, I do stipulate the equipment must not be attached to the building (like a dish) & I am to be notified what & when such installation will take place.

There are stipulations in the lease that if one or more of the financially responsible tenants move out, then the remaining have to prove that they can qualify to remain in the home. 

@Jen GainerAt the end of the day your gain will be your selling price less your basis.If you put in $100,000 and get back $120,000 - you can argue your gain should be $20,000.A couple things - You should definitely talk with an attorney and draft up an  agreement that stipulates how the income and losses will be split up.God forbid the project turns out disastrous...who will pay for the extra expenses?

Being required to see the units in-person as a stipulation to closing the deal?

Then stipulate that the EMD is due at the end of the inspection period.

Let's say the blogger form Colorado is correct - he stipulates: * The investor MUST make a FULL DISCLOSURE of the intent to make a profit off of the immediate re-selling of the home – to both the BANK and to the SELLER