I brought this up more than once in our email exchanges as part of the application process.I'm thinking of giving him until this weekend to arrange the situation and put down a deposit to hold, otherwise I will start showing the house again.

Knowing that I am getting into Real Estate, he asked me if I would be interested in "borrowing" the property from him while he was gone.So I'd imagine this would be a lease arrangement.

Our developers are more concerned with getting the biggest bang for their buck by building as many large, boxy, cookie cutter homes and packing them in so they resemble the cans of sardines that my grandfather spread on his toast NOT neighborhoods suit for young couples and aspiring professionals.

Such an arrangement would be perfectly compliant w/ IRS rules.

Start out by thanking them for there concerns and criticisms by making you aware then genuinely telling them what makes them a good tenant and characteristics you admire, after that tell them why this arrangement will be mutually beneficial.

it would not be unethical, you are loaning money from one business, or personal, to another business. just make sure there are legal documents to follow the transactions with any terms of the arrangement just to show it is a business transaction.

Assuming that “the deals you can’t pass up” are exceptional it should not be hard to make an arrangement with experienced flipper to share some profits and mentor you while you are helping him to refurbish the property.

We pretty much expect that the heirs will accept it, and thereby allow the offer to be presented to the bank, so that they (the bank) can then arrange to have an appraisal done—which, I've been told must be done by an FHA-approved appraiser.From what I understand, the bank will only accept our offer if it is within 95% of the appraised value of the property.  

If you are forced to do so then to protect yourself I would give the tenant 24 hour notice that you are changing locks and establish arrangements for how he can get a copy of the key.As far as entry.  

I really have no idea what's a typical arrangement, and I don't want to A) get screwed or 2) look stupid.