You wouldn’t buy a home w/o insurance, I wouldn’t buy a house with a partner without roles/responsibilities/financials detailed out and what happens when X does this and Y does that etc…Oh, and I would never buy property in your own name either.

@Karen O.

But I know upon it's passage, it's goal was to eliminate unsavory practices in banking and lending.I didn't know rent to own could be so unsavory till a year ago, I read an article in the New York Times' citing the fact that a big percentage of tenant's who participate in these deals were unable to go through with it, unable to make the payments, then lose all their option money, gets evicted, and the landlord simply does it again, do another L/O deal. 

If these are the numbers on proper underwriting - you will easily be able to retain some partnership interest in the deal (w/o bringing money) or assign it to someone for an instant cash profit.

On a serious note @Cam Chan, internet banks are A-W-E-S-O-M-E especially if you want to keep your emergency funds in a savings account with an interest that makes sense (still less than inflation but heck more than .01%).

However, we are planning to fix it up enough to get a certificate of occupancy and to rent it out or flip it to someone that would like to generate the rental income.I am having a really hard time determining what work actually needs to be done to the house and what "boxes need to be checked" in order to receive that C of O.

A 400-500 transaction fee plus per transaction, E&O and broker review fees per transaction eat that up quick.

When the city started implementing a supplemental tax a few years back she alerted me proactively since it affected my units there.If you plan to invest in the city I'd recommend taking her out for coffee as she's been there, and managing units there, for a while.On the middle school project in particular, the most recent update I have (from April of this year) is: Tai-O Group requests extension for middle school project.The part of that article which concerns me most has nothing to do with the middle school project actually, but the following:"[The developer] said the continued delays on the project are due in part to the high turnover of leadership in the city’s Planning Department since he first approached the city almost three years ago.

HOI w/o an early cancellation clause.

@Bryan O.