In more complex transactions there are other approval clauses such as getting permits or entitlement approvals, environmental studies or details evaluations of mechanical systems.You posted in the Rehabbing and House Flipping forum.

Absolutely agreed...in fact, we tried out best to design the house in a way that would maximize appraisal while reducing building costs...mostly by playing around with the above grade versus the below grade square footage and finishing just enough of the basement to get appraisal credit.The question was more from a "what do lay-people generally mean when they say/hear square footage" standpoint...or even what do builders mean when they use the term.I'm fairly certain there's no "right" answer...everyone will have their own opinion...I'm just trying to form mine... :-)

Even if you did NOT assume the mortgage, you'd still need to pay the back payments (arrearages) as well as bring the property taxes current.However, I think the thing you ought to do is first determine if this "deal" would make sense for you, then think thru the mechanics of how you are going to get title.

Therefore, the designation of "Non Owner Occupied" doesn't make sense.

We did turn down the lady with 10 crated dogs, even though my husband saw dollar signs, LOL.I would recommend that anytime you are renting to unmarried adults that you designate the strongest tenant as the primary.

@Jose Figueroa I look at these shows from the perspective of someone looking to learn more about the design elements.

The oven has no venting mechanism....Id want to vent through the attic rather than a recirculating model....what trades person does this and whaty can I expect to pay to remedy appropriately?

on one hand you are showing me the independent contractor agreement that specifies that the guy is not your employee but on the other hand you are using insurance product specifically designed for employers"  that question might come during any employee/employer related lawsuit about overtime or SS premiums not being paid.  

I'm still unsure what my strategy is going to be, but I do know my overall investment strategy will one day involve real-estate, so I'm here to learn as much as possible.I'm also excited to see where my marketing, branding and web design skills can be married to the business/finance skills to be applied leveraged in real estate deals.

However, these motivations need to be understood as there are so many out there that offer seller financing, get a down payment and design the deal to fail to take it back and do it again.