But I have a once bitten, twice shy attitude because I graduated from undergrad in 2008 hoping to go into finance, and was forced to work selling shoes for 2 years due to the lack of jobs...I'm sure the economy has improved slightly but it scares the hell out of me...I never want to go back to that.And then there's the issue that going back into this field would essentially kill me on the inside...I don't want to work in an office ever again.

He's retiring, essentially, and just wants to be done with it.That said, our current plan is to fully rehab one of the units and then approach the college and find out if they like what they see enough to sign some kind of contract...whether they want to buy, lease, etc.

I think that is the essential question.

Several of us are in the good school districts in good areas, $100,000 properties.I specialize in the lower quality and higher profit market.I'm always happy to meet and show you my areas if you are in town.

What i know doesn't matter at that stage because their real life experience trumps everything im reading they are essentially way ahead in my view .

Essentially, this means that you must have the intent to hold all of the properties involved in the 1031 Exchange for rental, investment or use in a business.

Others point to IRS Code Section 168(e)(2)(A)(i) – which essentially states that if 80% of revenue from a structure comes from rent, it’s a residential rent property and should be depreciated at 27.5 years.Either way, a well purchased / well managed mobile home park will kick off the excess (after tax) cash yields you're looking for.

, so the brother doesn't have this money tied up too long...if you have a principal-only loan, you will have paid down the loan significantly after 10 years, and can probably re-finance the balance; you'll have a good amount of equity in the property after 10 years (or whatever you negotiate) of renting it for positive cash-flow.Lastly, it looks like you're looking to buy for cash, essentially, when perhaps you should consider leverage - you could probably control this property for $5,000-10,000, which would provide some cashflow while building equity and enjoying tax advantages of property ownership).Thoughts, which I hope spark your creativity....best of good fortune to you.

Seems to me that a PA would be essential at the beginning of the lease option term.

"Substantive" is essentially defined as before you talk about specifics of the transaction or parties of the deal.