House is in very good condition with only expenses are appliances, replacing the carpet in 2 bedrooms to hardwood floors and transfer taxes (no back taxes even)...As said, as a first time home buyer not sure this is the right approach (to buy without CO and related consequncies) and looking for advise here from the investor community.

I'm a broker and I mainly work with investors and I've been approached by them asking about these deals.

In their approach, they agree with the tenant buyer on a purchase price up front.

Is that a good approach?

I use a different approach that has been working for me for over 2 years now.

The note remains in your name.I know others here may disagree with this approach.

I asked what they would consider for this note and reminded them of the approaching demolition date.

To narrow this down here's my approach...If I want to beat out the pro's at auction I would look to offer 80% (generaly, a couple of weeks before the sale was scheduled).

So, do the math using the gross scheduled rent, your expense percentage, and your expected P&I payment and do the math yourself.Using some sort of rehab loan to get the property fixed up is a reasonable approach.

You're operating off of a different system from the buy/sell/flip approach.