As long as you disclose the values and what you intend to profit from the transaction, it's perfectly legal to net the difference between $100,000 and the sale price of the home.

Thank you for your feedback,Rye-----Gross Rent Income = 100%Vacanciesvacancies aptsmove in concessionsskips and bad debtsTotal Vacancies = -10%LaundromatTenant ChargesApplication FeesCleaning/Damage/PaintLate/NSF/Legal FeesForfeits/Lease breaksPet/Key/ID feesTotal Other Revenue = + 0.8%Management FeesManager SalaryManager Rent Free UnitLegal FeesAuditing FeesBookkeeping and AccountingManagement Total = 8.2%(All utilities are paid by tenant.

Now that I think about it isn't he the one that had a long legal battle with Russ Whitney?

You are looking for LEGAL ADVICE.

And with your comment about after closing that certainly raises a red flag for me.Everything is disclosed and legal.

You're very welcome JennH.I'm from california originally, in fact I worked in Corona and llived in Rancho Cucamonga where we also experienced incredible appreciation rates.I know zero about the stock market except that anything I ever invested in I lost money on :( However, many of my friends have made money there.Fortunately, my RE investments recouped my stock losses :)If you do decide to follow through with land speculation, make sure you examine the land and have it surveyed before closing.

I would take care of all the rentals and bills ect....I wanted to know the legality, the plus side and downside, and how anyone would go about this.

I am not versed in legal affairs or NY laws so do not know how to interpret this; should I go to the courthouse and pull the records to read?

Legal Fees on their end vs. opportunity cost lost on yours. ;)

There are several ways you can add flexibility to the trust, yet you need to consult legal counsel that has a working knowledge of Land Trusts.