He fails to have any incentive to be successful.If Mike is willing to participate to help Joe build himself back up, then I would suggest some sort of LLC partnership operation with special allocations to give Joe a guaranteed payment of the cash flow amount distributable and then give Mike all the revenues & expenses, which include the guaranteed payment to Joe and depreciation.

I have heard of people sometimes trashing the homes before they move out, so I was thinking if talks with the current owner go well I could try to make some sort of deal with them that if the property was left in the same shape I saw it at then I could offer them some money say a couple of hundred bucks , assuming I win the auction.

So, lets totally ignore this aspect.If you're living in it for a year, I assume you're getting some sort of conventional financing.

The sellers are now willing to sign off (Via the sellers' attourney).I've already contacted the bank , so we can work with them on some sort of resolution.I'm wanting to get a signed promise from the sellers that they will perform something along the lines of a deed-in-lieu of foreclosure once the buyer becomes the mortgage holder.

The only way to grow is to go larger.

If it was not properly permitted and zoned, those sort of questions might result in unwanted attention.What are your plans and financial situation?

Hello all...I've been piecing together tons of info. from the site and am sort of putting it all together.

...and of course, an up-to-date reply is that the tenant has all sorts of rights.

When i went to a ted thomas coarse, he had water bottles, nice gift wraped envelopes (looked like a little present sort of), pencil cases, tubes with papers in them and something that rattled when shaked...

Its going to be a stretch to get it sorted out before the sale.