@Sharad M. quote to replace the surround is $375 but that includes repairing wall behind current surround that appears to be wet.still trying to determine why tub need to be replaced, we have a leak from the bathroom which has damaged hall below leading to first floor.apparently finish did not hold up from lasts years fix... waiting to hear from handyman on replacing tub. just trying to get options in place I have another property that will most likely need a bathtub and surround make over and liner insulation companies guard their price structure like top secret information.

I definitely would have involved a lawyer (as is always recommended) so I don't think I would have gone through with it, but it is nice to know that there are people out there to warn me before doing something stupid and have the whole deal trashed.It appears that investment loans will probably have a higher interest rate than what I anticipated and I will check with the mortgage broker I have been in contact with but I'm guessing that the loan I was thinking of may be for primary residences only and it might not be possible to remove the OOC.That being said, it would not be a huge thing to move across the wall into the other property and rent out our current residence.

However, I believe I retain their respect, by dealing with safety issues right away.I think it's fine to let people do minor things to the property, but I think it's important to spell out exactly what your expectations are, and how it might impact their security deposit.

However, this might not be possible w/ all of the hits you will have against you w/o counting anything in the positive as it is not being rented yet, let alone for 2 yrs like some places like to see.

Attend local real estate investment groups and be the fly on the wall, you will determine who are the people to learn from.

I have a strong back and can bust down walls and cart the crap out.

Think about it, if the property was easy to sell, the seller would sell it to a conventional buyer who would pay the seller cash.Sellers generally get market value at today's prices and relief from paying a mortgage on a vacant property.Although the lease payments may exceed market rent, the buyer is building a down payment and banking that the property will appreciate beyond the agreed upon purchase price.Buyers generally make a small down payment, with little or no qualifying, making a lease purchase an attractive way to ease into the benefits of home ownership.Buyers also receive a forced savings plan since part of the lease payment is credited toward the purchase price at the end of the lease option agreement.If the buyer defaults, sellers do not refund any portion of the lease payments nor the option money and may retain the right to sue for specific performance.

But I do not know whether it is in the walls or to the street nor how to recognize its use.5.

Or, are you saying you'd pay/mtg 80% of the purchase price...for the buildings/improvements only, and the seller would retain ownership of the land, doing a land lease to you? 

Aside from serious structural issues (basement walls having major cracks or caving in, joist/rafter damage, termite damage to framing) or fire/smoke damage, I don't think I would rule anything out if the price is right.