The below terms are live as of this date, for a rate and term refi (no cash out).From left to right:Points: 1, 1.25, 2.Prepayment penalty: 10 years, 3 years, 5 years.Commentary/review, hopefully this thought process is useful when evaluating offered terms for a maturing commercial mortgage that needs to be refinanced. 

I live in California and planning to move in Illinois.

I live in Phx,az and recently friend of mine sold his bank (ex bank of america) literally as is and profiteed $300k  , he purchased it right out cash last year (I think) and it was in real bad shape in a shady part of town,  before him taking possession of the bank  homeless people where living inside it an using the bathroom anywhere in the building, he put maybe less than $5k in just cleaning it up and just a couple of days sold it.Basically the idea is to find super cheap homes in ****** conditions but the price is so cheap that you could still make profit by selling as is, investing as little as possible..

SCENARIO 2):A) Parents buy the home and we live in it.QA) Is there a way to make this work that we would ultimately buy the property in our name? 

Shorter term, it will bring in workers to construct and create this new development - Longer term, it will bring in the likes of famous celebrities from around the country (if not world) to live and stay here short to long term. 

SCENARIO 2):1) Parents buy the home and we live in it.Q1) Is there a way to make this work?

Are you able to move or is SD the only spot you want to live? 

He's a regular guy who worked hard, lived below his means, and invested as much as he could in buying property.

I currently live in my primary residence (2nd SFH).

It costs about $300-400 depending on where you live and it saves a lot of problems.