. :)Bill Gulley - the lease length is moot with respect to DOS in the OP's circumstances, because the landlord also granted an option; the granting of an option is sufficient to trigger lender acceleration under DOS.

A sub-2, a contract for deed, a lease-option, a purchase agreement out 6 months with a contractors' agreement for work with an assumption of payments, partner with the owner in an LLC....almost endlessIf you want to stay away from the due on sale (which probably isn't that much of an issue within 6 months under the circumstances) just put a purchase contract on it and contract to do repairs/improvements with the contractor paying costs.

If there are really nit picky issues, take a picture of it and send it to the lender, an appraiser doesn't use a 1,000 words to describe an issue and a picture can help the underwriter determine the circumstances.

Even if you're going to mow grass and be your own handyman, you have to buy the building assuming that you will farm all these things out, since circumstances change and a future buyer of your property may not want to do all this work himself.Property management - kind of like maint, even if you're self-managing you should factor in about 12% for PM and leasing fees, as a contingency, and since a future buyer will likely factor this in to their computations.When all is said and done, since you're paying for heat and water, I'd buy the building assuming that 60-65% of the gross income will be consumed by vacancy/expenses over time.

It may be a twisted interpretation of a real law but not likely true in all circumstances.

I neglected to provide suggestions in my last post...I think the best investors are great marketers.Market, market, and then market some more.

You need a contract for the sale of the note if there are any issues or agreement that survive the transaction, like recourse of the buyer under certain circumstances.

I don't know how a judge would handle, say, an eviction, in this circumstance.

So in that circumstance it would be wise to have a separate LLC solely for the purpose of flipping.

Also in my area duplexes are not very common, I would have to go closer in to the city which means older buildings, lower income tenants, and a higher likelihood of the tenants neglecting their obligation on upkeep of the property.