Many jurisdictions will not record a subdivision plat until you've put in (or bonded) the infrastructure (power, sewer, water, roads, etc). 

If we approached him with the $5,000 and had the deed put in our name, could we pay off the mortgage and own the property?

You bought this for 720k, then put in 463k, and are selling it at a huge loss for 751k?

I just bought a Minut to put in a unit where I know the tenant is smoking cigarettes but I have a tenant that we ALWAYS see smoke his cigarettes outside yet when we go in his unit it stinks like marijuana.

-We put in about 70k in renos. 

I don’t charge a pet deposit or pet rent but I do put in the lease that the tenant is responsible for any and all pet damage.

Ever taken a photo and realized there's something distracting in the background?

Just to follow up - We put in an offer close to asking.  

Pros- the loan costs for this will be less, depending on their underwriting approach (creativity and aggressiveness) then they might do the first-year interest-only allowing you to rehab and put in long term financing without having to refinance. 

Key is to work with a team that focuses on managing padsplits as their core business.Buy in solid neighborhoods where there is a good tenant base and put in experienced property management.Happy to connect with anyone that has questions on the model.