Honestly, my biggest hesitation would be that the winters haven't been as good as they normally are for skiing! 

Overall, I'd say this is a fairly normal deal.

@Joey Samudio, I'd recommend buying the asset with a normal 1031 exchange and then layer on debt for rehab after purchase.

Tell him there is a termination fee, but you'll waive it if he shows a copy of the death certificate.That's what I would normally do, but it depends on how long he's been a tenant, how good he was, and other factors.

Conventional, FHA, and USDA all have products with very low downpayment options and government-subsidized rates for first time homebuyers who have a normal income.

Hi Nathan,Thanks for the reply and insight that it might be normal what they are telling me. 

In my opinion investors buy properties with break even or negative cash flow and hope for large appreciation are taking a gamble.

Just get a security deposit that you hold in escrow from the seller’s net proceeds (as high as you can negotiate or is legally allowable in your area, in my area the most you can do is 1 months rent) and have the sellers sign a lease/ post closing occupancy agreement like a normal tenant.

California requires an $800 for LLC's that are doing business in California.California law suggests that managing members of an LLC that are a resident of California are considered to be doing business in California.Normally people will suggest opening up the LLC in the state where you are doing business(Normally the state where the property is located at).Others will suggest opening the LLC in a different state such as Wyoming, Nevada or Delaware for charging order protection, business friendly case law, anonymity, etc

First thought was the two girls went downstairs to get into their Santa presents and could not find normal music that late at night.