If the second house is completely detached, adding a second electrical service shouldn't be too difficult but it's probably a couple grand.

In reality, the buyer cannot "make money" buying a home, so we buffer it a couple grand to account for property tax prorations etc.Seller nets: $75k.NOTE: Before all you real estate investors get excited and start making threads proposing crazy things--- Gift of Equity can only be between family.- Making up familial relations where none exist would constitute mortgage fraud.- The person buying the home MUST intend to occupy.- There are some other nuances, not all loan originators / lenders do GoE.Now, as for the mechanics of this... don't buy that home until your nephew is solidly preapproved.

If you need something in Traverse City, I can refer you to someone, even in Grand Rapids I know great Realtors.  

During the time he held title he executed and recorded a Transfer on Death deed naming his two sons as the beneficiaries As Joint Tenants and his grand-daughter (child of one of the brothers) as the secondary beneficiary.

The faulty contract holder then quit claimed their interest back to the son because the son decided he’d like to own the property again.And for the grand finale:The mom passed away with no will.

I'm thinking about starting with 5 grand and see if he's interested, couldn't hurt to ask.

Cash to close, less than a grand.

A grand to review a contract?  

Pick at most 2 of the 3.In the grand scheme of things, owning a single property is pretty crummy - not enough profit to really make a difference, and just enough headache since you learn very slowly how to do it well.If you want to invest in getting good at property investing and building an advantage, go for it.  

In the grand scheme of things for your aggregate P&L (not just the property) you are probably ahead.