Chelsea Tustison, I would seriously consult a criminal defense attorney before you get yourself potentially into trouble.This old woman has confessed to you that if you help her she will commit two federal crimes,tax fraud and social security fraud.She wants you to pay her cash that she has no intentions of declaring on her taxes and she will continue to receive social security benefits she would no longer be eligible for under the current regulations.If she gets caught in the future guess what,her defense attorney will lay it all at your feet."

I will pay tax in America, which I have to declare in NZ.Thanks

All contracts, options, or other devices not based upon a substantial consideration, or that are otherwise employed to permit an unlicensed person to sell, lease, or let real estate, the beneficial title to which has not, in good faith, passed to such party for a substantial consideration, are hereby declared void and ineffective in all cases, suits, or proceedings had or taken under this chapter; however, this section shall not apply to irrevocable gifts, to unconditional contracts to purchase, or to options based upon a substantial consideration actually paid and not subject to any agreements to return or right of return reserved.

Can the landlord buy them out, and would that price be up to my sister to declare?

I have the next 10 weeks off and I have the hustle, muscle, and desire to work and bring value to someone who may or may not be looking for some help.

If the unit is not declared real property you will have a different set of issues.

It depends how much CC debt they have they may want to declare bankruptcy?

All contracts, options, or other devices not based upon a substantial consideration, or that are otherwise employed to permit an unlicensed person to sell, lease, or let real estate, the beneficial title to which has not, in good faith, passed to such party for a substantial consideration, are hereby declared void and ineffective in all cases, suits, or proceedings had or taken under this chapter; however, this section shall not apply to irrevocable gifts, to unconditional contracts to purchase, or to options based upon a substantial consideration actually paid and not subject to any agreements to return or right of return reserved.

There will need to be a reason declared on this form which will obviously be tied to the inspection.Before you get to the point where the contract is terminated because of an inspection you can also request things be repaired by the seller, they can counter, accept, or deny and it is sort of like another negotiation.  

. - That entire gain is tax free, since it is your primary residence- Your monthly payments will be over 4k per month, but almost half of that is going toward your own equity and the other half is a tax write-off that reduces your taxable income and possibly brings you to a lower tax bracket.SUMMARY: I'm not quite ready to declare victory for purchasing your home in NYC, but I have to admit, I just convinced myself a tiny bit more.