Maybe structure it like a normal seller finance deal, but then have a provision in your contract for the "what-if." 

This is a document that uses the address in question and the FEMA flood maps and determines where the structure (note we can only insure structures not land) The reading will come back with a note that the property is in a Special Flood Hazard Area (SFHA) which are typically your A's and V's.An  Elevation Certificate (EC) is a document that a homeowner usually has to do and pay for and is typically used by the  FEMA/NFIP/Government policy (which has had a  50-year monopoly on flood insurance) The Elevation certificate is done by a FEMA approved Surveyor where they come out and get a bunch of measurements around your property (Elevation measurements) and put together the formal EC this cost anywhere from $600 - $1200 I always recommend my client shop the options and pit them against each other.

I know there are several ways to structure this.

We wasted about 3 months finding and vetting our new contractor & getting a great architect for the major structural changes.Was this process a trial by fire?

If you have mulitple members or a complicated structure, I'd spend the money to have an attorney draft a specific agreement.

By the way these contracts are structured, they are incentivized to lease to bad tenants.

Hi @Minh Le,It totally depends how the purchase agreement was structured.

It's not just about purchase price there are many layers that go into structuring a deal.

But the ins and outs of how to structure a deal based on that information still eludes me.

Do commercial and residential loans structure their deals that differently from each other?