Also, did one land contract where lawyer assured us that if the person walked away or defaulted there would be no legal steps to take recover possession again.

My interest is in the legal side of things...well agreements, title disputes, surveys and the like.Thanks for the forum and opportunity to learn and share!

When renting in areas that attract the wrong type of renters I make it clear that I will be screening all applications, there is a fee and what ever else makes sense and is legal.

As long as you disclose the values and what you intend to profit from the transaction, it's perfectly legal to net the difference between $100,000 and the sale price of the home.

Thank you for your feedback,Rye-----Gross Rent Income = 100%Vacanciesvacancies aptsmove in concessionsskips and bad debtsTotal Vacancies = -10%LaundromatTenant ChargesApplication FeesCleaning/Damage/PaintLate/NSF/Legal FeesForfeits/Lease breaksPet/Key/ID feesTotal Other Revenue = + 0.8%Management FeesManager SalaryManager Rent Free UnitLegal FeesAuditing FeesBookkeeping and AccountingManagement Total = 8.2%(All utilities are paid by tenant.

Now that I think about it isn't he the one that had a long legal battle with Russ Whitney?

You are looking for LEGAL ADVICE.

And with your comment about after closing that certainly raises a red flag for me.Everything is disclosed and legal.

I would take care of all the rentals and bills ect....I wanted to know the legality, the plus side and downside, and how anyone would go about this.

I am not versed in legal affairs or NY laws so do not know how to interpret this; should I go to the courthouse and pull the records to read?