I searched BP and learned a lot about stepped up basis but couldn’t find this exact situation.

I'm sure it happens every day of the week.However if you're paying market value or close to it, which I suspect you are, then I would recommend going to the building department, explaining the situation, and asking them if, should you buy the property, it's going to be an issue for you.I wouldn't be concerned about renting it out.

In the worst case scenario, if they say no, you can always say "let me think about it" and let the lease go month-to-month.2) Like what others said, go month-to-month until you get your personal situation sorted out.I like option 1 because you won't get what you don't ask for.

I'd think the bylaws around how you 'exit' is going to be key here.Just came across a partnership investor on back-end who stated he was selling a 6 plex because only fair way to split things up for amicable divorce situation with partners was to liquidate.Who, how, and when - on that subject...

Hey guys, In a situation where a house in Oregon was sold at auction to a "third party" and the person who lost the house had cash and wanted to exercise their "right of redemption", where would one start?

Situation explained below as briefly as possible. 

Very powerful stuff.Few lessons learned:- Never pay a large sum up front- Vet a company much better- Don't trust a wolf in female clothing - No one hugs after a business transaction- Check court records- Never go with the cheapest bidOnce this hypothetical situation is over, I'm definitely going to provide more details.

If you use outside funds it makes the tax situation tricky. good luck!

I really want to take a loan against my rental building so I can buy more investment properties, but my situation is I don't have tax returns ( new immigrant and this property has only generated income for 6 months), any suggestion on which financial institution can help a case like mine?

Or how do investors handle this situation?