Realize that's kind of a wimpy answer, but before you start requiring licenses, bonding, and insurance, I would figure out your state's laws and your actual potential liability.

There's many variables, such as state real estate law, how do you hold title, what agreements do the two of you have, etc.

If you are holding less than a year you would get hit with short term gains.If you hold for a years time you would get hit with long term capital gains.If you defer the gains with a 1031 after holding a year and selling to the city then you will not pay anything if done correctly.While there is no rule on 1031's case law and 1031 companies site 1 year as being safe to do a 1031.Anything less than that and the IRS has been challenging you are holding for resale purposes and not investment purposes.Simply have the city purchase after your 1st year of ownership is up if you want to avoid the gains taxes and do a 1031.

:I'm also contemplating weather to skip the RE license or i should go straight to broker's license. i heard that test is harder.Unless you majored or minored in Real Estate, you won't be able to test for the Broker's exam without 2 years experience working as an agent for much longer.http://www.car.org/newsstand/newsreleases/2012releases/ab1718From what I understand, the new law goes in to effect on 1/1/13.

I think it depends on Penn. laws but in my state, the lease stays in place as is.

http://www.hoaleader.com/public/545print.cfmYou might want to contact an attorney to see if they could require you by law to have a photo ID.

This will depend somewhat on what your lease and pet agreement says and local laws.

I need to go to law school. :)

These properties were financed after the safe act went into affect.This attorney you used sounds grossly negligent from what YOU have said in many mistakes.The attorneys I know will send you a document and you read it and they REDLINE any changes and you discuss and go back and forth until you are satisfied.The fact that you didn't read at signing and TRUSTED as you say this lawyer has no bearing on the fact that you should have read it.A judge will see it the same way.What I am seeing is a mess created by two parties being you and your attorney.You have to figure out how to get things back on track.You need to know in each state where you own these properties if you can foreclose and how long that would take and what it would cost and what you could sell for to get any money back and move on.This attorney as you say sounds nice but general practice attorneys I find make numerous mistakes when handling specific areas of law.

You are liable for anything that happens from the time of the original deed until the quit claim deed is signed and depending on state law when it is recorded.