An amicable solution is less expensive than legal fees in many instances.

Not sure if that would be legal.)4) when I have enough money I'll take out another loan and flip a property part-time5)eventually earn enough to quit job and flip full-time6)apply for real estate license (for MLS)7)get real estate professional status (for tax breaks)8) continue flipping properties until I have enough money to buy a single-family rental while continuing to flip properties full-time.9)continue obtaining single family rentals while flipping.10)potentially hire a manager to continue the process while I enter early retirement.I'm young and have very little financial knowledge so if a plan like this is impractical please let me know.

Michael Dorovich,The purchase and sale agreements are very important legal devices.

. – An individual who purchases an interest in property under an option contract, or any legal successor in interest to that individual."

If its definitely only zoned single family, then the 2nd unit has to be removed to be legal (and possibly for a buyer to get a mortgage).

Based upon agreement we can also take legal action against them (but that can be lengthy process).I hope this information will be helpful for not only to answer my question but if there are more people from India raising questions on BP, it will be useful).But looking at rate of interest on bank loan in India, it will be always difficult to buy a positive cash flow generating property (as I am buying property with help of bank loan), Because your EMI will be always higher then the monthly rent.

The developers attorney will likely take you to the cleaners if you let them draft everything.Hope it helps.No legal advice.

If they're not actively participating, there are lots of time-consuming and costly legal and accounting hoops you'll likely want/need to jump through to do this legally (pool money).If they are actively participating in the business, there is no reason to provide a return while you're evaluating the properties, as nobody has made an investment yet, and presumably they're doing as much work as you are when it comes to deal evaluation.

My question is basic to most real estate, but I don't know the answer.If they've got it listed with a realtor, can I walk in my friends' house, present my offer, produce a contract, and be legal in it?

Since this is your first time, it may be very wise to seek legal advice from an attorney and even let the attorney handle the entire process.