@Jim K. thats fascinating, and actually not too dissimilar to Boston--more money here in general but more in-laws, old triple-deckers, illegal conversions and grandfathered weirdness than you can shake a stick at.

I learned a ton from it and it has since sparked a fascination of flipping houses.

You get fascinated by a topic and decide you want to spend a considerable amount of time exploring it.2.

@Michael Stobo What a fascinating and creative idea! 

The historical examples/stories are fascinating.  

At the same time, I'm fascinated by real estate investment and want to start my own investment.

Buying stocks leaves you at the mercy of the market forces.I have always been fascinated by financial markets.

I have always been fascinated by how things are valued and am looking forward to getting started as a "Newbie" please be kind... =-)Mahalo Nui Loa, Tom

What is fascinating to me is that the city council and mayor somehow interprets the data differently than realtors and folks actually in the real estate industry.

Lots of details here to consider so when you say how would I draft this up - there is a lot to consider but my thoughts:Rent = 1200/month3 yr option to purchase = $240,000not sure what state you are in but propose to handle everything (maintenance, repairs, etc and if that is not legal/possible you could do a Land contract or contract for deed with a  minor risk since he has an underlying mortgage).feel free to reach out and schedule a  call. seems like you have a fascinating one.