I made it clear on the phone what the terms are in order to move in, first month's rent + 2 months deposit (among other things). 

What made you interested in investing in this type of deal?

What made you interested in investing in this type of deal?

What made you interested in investing in this type of deal?

Establish your criteria, such as location, spending limit, kind of home, amenities, and possible rental revenue, in order to choose the ideal property.

If that doesn't cover the principal balance plus all accrued interest, exit fees, yield maintenance, prepayment penalties, default interest, advances made for unpaid property taxes and insurance (even forced placed insurance), advances on senior loans, foreclosure costs/fees, toxic waste cleanup, costs of resale, the list goes on and on...the lender can sue each and every one of you for the entire unpaid amount.The way this would likely play out, should the lender elect to enforce the personal guarantee, is they would file suit naming each partner as a defendant. 

  - Any payments made on the note will be recognized as income for you and subject to capital gains tax - Interest accrued on the note will be subject to ordinary income tax rates in the year you receive the paymentsHow to navigate around this1. 

That was not standard practice for them, but they made an exception because the deal just made sense.

I decided to place ads requesting to enter a rent to own agreement with someone willing to accept the down payment over the 4 yr lease in installments made with the monthly rent.

I show them how to add some value for higher income, or partition off, or finish, or split off some land, etc. in order to bring in more dollars or reduce debt.