What is the procedure to have the current owner replaced with me if no consideration or $1.00 consideration ?

The land-use attorney then offered to research the variance procedure rules to see if a variance could be obtained to allow rebuilding of the four units in case of over-50% damage and to have the county provide a letter for lenders to that effect.  

@Guy M.From what I've seen, carefully qualifying the tenant-buyers for loan approval within the time-frame of the lease option is standard procedure for lease option guys.

Make sure you have your processes and procedures in place.

It was even questionable back then...Just read everything on BiggerPockets...and forget the TV guru guys...it's mainly a come-on to sell "coaching" or "bootcamps" at $9,000 a pop.Don't get me wrong...education is key...but being in the mortgage business for 16 years, I've talked with excited investor who postulate some technique from 1986...and it's either be outlawed or made obsolete in the mortgage note language or closing procedures.

If you have good property managers with experience in this class of asset they should have well established procedures and you can avoid some of the mistakes we have made.

For example, if it costs you 75K for a degree as a dental hygienist, your job as such should pay you a yearly salary of 75K.

I don't know how real estate taxes are treated in your county, but I would ask your attorney or find an attorney that deals with tax liens on the procedures.

The #2 thing you can do is create and implement policies and procedures for tenants that get out of line.

I have some procedures I use but what are some of the things you do when dealing with a natural disaster?