The issue is not the contract, the issue is going to be enforcing the contract, the individual who was selling this could hold this up for years and cost you tens of thousands in legal fees, and then they file bankruptcy and stall it another 5 years.

https://www.biggerpockets.com/forums/51-tax-legal-issues-con...

Your main issues will be eggress, as usual in a basement.

Joe has his own issues right now with Ashcroft capital  lots of threads  on that entity on BP..

Over months of working with her, I encountered severe issues, including:Lack of Communication & Accountability – Corina ignored multiple emails for weeks or even months, providing misleading or vague responses instead of real updates.

These are being issued by local "nonprofits" who are mass emailing landlords pretending to be section 8 tenants.

She’s currently not paying rent, and while she has some health issues and no stable income, she’s been communicative and open to general talks, with a possible option to vacate through a cash-for-keys arrangement, though this might take around six weeks and some hard work.I plan to rehab the property and eventually rent it out, potentially to a Section 8 tenant.

Now I can see some builders having an issue with comps.. but other than that its crazy to take these funds as income and then pay tax and plow it right back in.. 

Normally soil compaction is not an issue, but you might need a test done.13. 

Since the original loan remains in the seller’s name, you may need a nominee interest allocation to deduct mortgage interest, as the Form 1098 will likely be issued to the seller.