(I recognize the crew cut ;)

That is why insider sales of stock are closely watched even though we all recognize the value of diversification or the desire to spend earnings on consumables.

As soon as you take possession I would call the tenants and identify yourself (they probably won't answer bc they don't recognize your number) and tell them you would like to meet and sign a m2m lease (make sure you honor everything in their existing lease for the first month) with them and have them fill out a application so you know who they are.

Owners are extremely motivated to sell, husband is 89 and wife is 79 and they both know the value but recognize the work needed to be done to bring it to code.

Once you start doing deals you will recognize if it is time to use an LLC.

Even cash Buyers have some common sense and have to recognize that, unless they are tearing it down to do a rebuild, that somewhere along the way their capital is at risk and would not get involved in it.If I were you, I'd just say I can't help you with this one and move on.To answer your question though, if it is zoned as a SFR, if it has a CO as a SFR, appraises as a SFR, has a utility set-up as a SFR, then one should value based on the Sales Comparable Approach and not an Income Approach. 

Little did I know, that a day or two later word got out and some shady criminal investor who heard about the deal went around my back (and my contract) and got the seller to sign a contract and closed within three days before I even knew a thing.Granted there are many ways to help protect oneself from thieves/criminals like this guy - maintaining a good relationship with the seller, affidavit of memorandum, only shooting out your deals to trustworthy buyers, closing on the deal before your wholesale it, and so forth.

A full-time tax preparer would have instantly recognized that this form would have been needed.As the complexity of your business increases, so does the risk of audit.

Escheat ensures that property always has a recognized owner, which would be the state or government if no other claimants to ownership exist.

Again, not everyone will know the difference here but you will after this.Conventional - I'll define these as loans that come from Fannie Mae and Freddie Mac (if you recognize those names).