If the purchase price is $400K, you can write the offer so that the net amount to the seller is $398K.Lastly, if you believe there is opportunity in your local market, educate the BP community!

Put the agreement in writing.

I strongly  encourage to share this information  and write an email and letter to as many state representatives and the governor to veto this bill or reverse  it.AB 2424 (Schiavo)

Some things to think about.When I have inherited tenants, I prefer to have them out as soon as possible so I can get the rehab done.Whatever you decide to do, inform the tenants in writing.

My initial thought is to write it as an addendum with specifics of how many weeks a year, max duration, rent will be prorated that month, dates must be agreed upon with tenant at least 3 months in advance, etc Thoughts?

when you did you got a 50% day one write off and recapture was sunset at 5 to 7 years..

Hello and good day Tenant, We are writing to remind you that your current lease for the property located at _______________ is set to expire on December 31st, 20XX.

If you really feel you must get this place get multiple quotes on the largest issues, write an extension to the inspection contingency and do more due diligence.  

The LLC also gives you the ability to write off expenses associated with the property that you could not do as a personally owned house.My 2 cents would be to leave it the way it is and not transfer it.  

There is a legal concept that when a contract is ambiguous that it will be interpreted in favor of the party that did NOT write the document.