Storage and surge/expansion protection (Neither will add any energy needed to increase pressure).

I feel I'm ready to make my move when all of a sudden, someone tells me that to do this in WA State, I need to have a contractors license!

And yet all of a sudden there's this wildcard in the mix because the neighbor is using his home as a hotel, maybe even a brothel (I'm guessing some of you are fine with this - the founders approved...).Use common sense.This isn't a theoretical, or philosophical debate about what was intended, or should be.  

I make a habit to routinely inspect the house inside and out to make sure there little pet have not gained 50+ pounds all of a sudden, or done any damage.

Any chance that pres gives Bush credit for Surge, or the democracy (albeit fragile) rising in Iraq tonite?

When he does get a piece of the equity, his interests are suddenly aligned with yours -- getting the job done quickly and with the most profit.So, while I wouldn't necessarily steer clear of the deal if the builder didn't have a stake, I'd certainly do more due diligence.In terms of his building on the lot next door, if the numbers are the same as your lot (so basically you'd both be making the same profit if he built for the same costs), that's an example of somewhat aligned incentives, so it would make me feel a little better than if he had absolutely no vested interest in the outcome.

But, if the property being foreclosed on is way under water, the odds are slim someone would come back and pay off the mortgage, even if they all of a sudden could.

@Joanna Eldridge Buyer's broker agreements are common, though I don't always require one if my relationship with the buyer is solid - but it is considered a best practice.The reason they're used is that agents like me will invest anywhere from dozens to hundreds of hours working with a buyer, with zero compensation unless they buy a property.I have seen several cases where after investing that kind of time, the buyer suddenly "remembers" that Aunt Millie has a real estate license (or more likely is pressured by other family members), and the agent who did all the work is faced with a choice between walking away from the income he rightfully earned or going after Aunt Mille in a "procuring cause" dispute.The buyer's broker agreement at least gives the client an excuse to tell the other family members that they can't use Aunt Millie - and it protects the agent who has actually done all the work.

My concern would be if I suddenly started claiming half the purchase price as land value, it would be inconsistent with previous purchases and inconsistent with the county assessment.

Personally, if I suddenly had access to $1M in cash, I'd invest very conservatively to get my feet wet and learn what I was doing.