But unless it is going through a real estate brokerage I am not aware of any state creating a mandatory contract for the private transfer of real estate.

If I took another 10% of rent off the table, I'm confident I would never buy a property in my market.

He never transfered the deed of place to show he is trustee.    

Do I need to do anything other than show bank statements going back X months which shows the cash was there, a wire transfer and my account down the purchase price?

Offered two lots in a town for free I checked it outIt would be less than $100 to transfer them.In order to get some form of government benefits he had to get rid of themThought you might find this humorous I did.I don't even know him.

I also like the idea of getting a sizable option deposit, receiving rent and transferring maintenance to the tenant buyer.

However,Exemption for change in job circumstances - those who are laid off, transfer or change jobs may have exemptions available for capital gains.

Your title company should give you a good faith estimate; title insurance, pro-rated taxes, transfer taxes, deed preparation, recording fees, notary fees, junk fees, if a mortgage is involved it will add to the expense.

It should be a very quick thing (once you get the hang of it) to track property transfers.

I think of it as just transferring equity from the home to the investment.