You can charge a higher than market lease payment and count part or all of their payments and add it to their down payment so they have more equity and are more likely to qualify at the bank.

I hope our paths cross again virtual or otherwise.

What if you don't dot an "I" or cross a "T" and years later when you go to sell, there's something really wrong?

While you are preparing you need to have your credit checked, pull your own credit report and score so it's not counted against you. 

The only thing that really counts here is what your written contract says. 

You can look up with the state Architecture Board that they have not had any lawsuits or fines against their firm.Verify experience in similar types of designAsk them easy questions that they should know like, "What are the setback" or "are neighbor letter required for zoning" and maybe a hard one such as, "does a detached garage count towards the allowable habitable are of the home?"

This one is better in every way that counts- especially price.Come check it out and make an offer.

That's a cash-on-cash return of 16.2%, and not counting the $16,000 in equity that you will have after the rehab.Stay Blessed!

After taxes, I am assuming I can count on about $10k / month because I would be taking deductions for the interest etc.

It counts towards your cash reserves.