The financing contingency period is up tomorrow and it looks like they are going to back out, so I guess we will put the property back on the market as a cash-only purchase and see what happens. 

I moved out from Omaha about 4 years back, but I have a great investment agent there if you want his contact information?

Purchase price: $125,000 Cash invested: $125,000 A while back, I found myself with an intriguing opportunity: a property priced at $125,000 that seemed ripe for investment.

I purchased a home three months ago that came with 3 households and plenty of land to build on for 288.

Trying to navigate the potential of investing out of state (plus the fact that I’ve not yet purchased investment property).  

They are well off but are in a bind due to trying to sell their old house. they want to rent for a year and then purchase the house. what would be the best way to transfer ownership after the year?

I'd be happy to connect and give you any information :)

Glenn, That is a lot of good information, I didn't even think about most of that so thank you.

Does anyone have information on tax laws surrounding this? 

I reached out to an architect that is familiar with the process & he said it could take up to 6 months.My advise to you as the buyer is that the purchase price should reflect the 6 months you'll have to wait to legally rent out both units.