I’m trying to get an idea of a pro forma P&L, and I honestly have no idea what the costs are, outside of the costs of the note itself and legal expenses.

Through friend that know that I am in the rental business, negotiation focused on making sure that there are no surprises, like large outstanding bills, lawsuit, legal problem, due to foreclosed condition.

I’m looking for a real estate attorney in Columbus who can give us some more information about the legality of assigning a contract.

See article for reference: https://fha.co/blog/condo-approval-expired-can-still-close-fha-loan-assigned-number/.  

This option would use the bank to subsidize my risk, but it could be a legal nightmare if something should go wrong.

Unapproved tenants and smoking pot I am assuming is not approved in your paperwork.

Work your number backwards and get a pre-approval to figure out what you can afford!

Sellers will give an advantage to pre-approved buyers over other buyers who are just kicking tires.

You dont have to worry about appraisals or not being approved.

Once you have a business plan in place have a lawyer advise and draw up a legally binding partnership agreement based on that plan.