I think my experience has put me in a very unique position when it comes to real estate investing.  

This property is unique because it is a single family home where I've been leasing to Texas Tech students for the inflated rents and constant demand.

If it's not on the market, and a unique type property and use for that area, it could get messy really fast.

In this case it would be:$1100 x 12 months = ($13,200) x 5 yrs = $66,000.Personally I would pass on this deal.Some fixed cost you cannot get around such as loan repayment. the lower the loan payment the greater to increase cash flow.  

There was a recent case in Florida where a BP member did an option that wasn't properly made, it was gurued up, and the contract was deemed to be a sale contract, he had to repay the option price as that turns into a deposit, besides the costs of the case I don't know what else he lost.  

My co-owner is willing to sign the a document, however in return they want some kind of guarantee that in the event something happens to me, someone like my family would have to repay the heloc that is in my name.

The reason who we would get such a good deal on this property is because it is a unique property and requires a specific strategy.

You need to convey your unique message to anyone who picks up your card.

I am also interested in finding out if there are any unique issues to consider and look out for when investing in Idaho (taxes, etc).I have found a property in Caldwell that catches my interest, but I would be interested in knowing how that particular area compares to other Boise suburbs.Thanks!

Yep, after you learn the principles of real estate, you know, the stuff that doesn't promise you'll make a million by Christmas, just the basics, like what real estate is, why it is unique, what rights of ownership there are, types of deeds, title, what title insurance is, how property is valued, what liens and encumbrances are, how to read a legal description, what bilateral and unilateral contracts are, what is necessary in a contract, what a leasehold interest is, how settlements are accomplished and the laws surrounding transactions.