To me that's a red flag that it was just some broker possibly and the loan may or may not have the ability to really come through.  

We charge just a flat fee and I'll help you fully underwrite the income, credit, debt, ability to repay, so that you have a high probability for a performing note.

But, do not discount the value of an existing mortgage that you acquired without thinking of the property as a long-term buy & hold and the ability to have a renter retire that loan for you at an accelerated rate.  

I'm thinking owner finance would be preferential to a lease option because of the ability to show and potentially use the equity. 

It had been partially demolished by the rehabber who bought it before the downturn and then sat open to the elements for 4-5 years.

You need someone to properly prepare the deed and you need to look at a title report to understand what you are taking over.Don't do this deal unless you have the ability to pay off the loan with cash or refinance if the lender should call it due.  

I too like the suggestion of buying a double and living rent free in one side...if you have that ability.

I've had no interest in turnkey as the customer service end of it looks beyond my ability (and patience).  

Also, I enjoy having the ability to create systems which help to maintain the properties without my constant input.As for yourself:1.

In my agreements I always give myself the ability to assign my contracts.