Your closing will be much cheaper – say 1500 – because there's no lender involved.

I came across this site as well as the podcasts last week and am very excited to start learning from all the professionals involved in this community!

Not sure how involved you want to be in getting it ready for market but here is my story.

Hi,My name is Russ and I'm a 60 year old business owner who has lived longer than the industry I've been involved with these last 40 years (newspaper and magazine circulation and advertising).

Also, search my comments here on BP as to financing a lease-option, how rent credits are vewed by lenders using market rate rents in the future, many attorneys may not be aware of this issue if they are not involved in lending. :)

It's great that you are getting more involved here.

There are a lot of costs involved in development.

Sure would be nice to have a clear cut answer to that, but there is not.There are too many variables involved, remaing term, credit, seasoning and proven payment history, collateral, loan to value, property condition and the details of the contract including the security assignement and foreclsoure process.Best to get bids, and look in your area for other investors, including those who buy RE, your best deal might well be from a local individual looking for a good investment.

We decided to turn a large garage into two units and came across an owner across the street who tried to get our request for rezoning denied.

Probably not.I also see you are in the Republic of Cali, so what a judge may consider consideration may stem from some other aspect of the contract if adequate consideration was involved, but sounds to me like it's that ten dollars together with other good and valuable consideration thing, if the consideration recited is not sufficient for the scope of business to be conducted, your seller may not be bound at all