For example entrance of the property is located on the area owned by another person.To solve the problem legally is costly. 

Since this is a true side business for me and I don't want to leave my legal practice anytime soon, I'm going to focus on local properties. 

Evidently that is not legal.

HOA fee - If HOA fees are not paid, business will incur fines, so it is necessary to make the profit in the business.8) Marketing expense and advertising9) Cleaning and maintenance10)Commission (Expenses like commission, abstract fees, recording fees to obtain your mortgage are not deductible but rather capitalized )11) Insurance12)Legal and other professional fees(Tax preparation for business, not personal part)13)Management fee if applicable14) Points- you generally cannot deduct the full amount the first year but have to deduct them over the term of the loan.15) Repairs (Note always do repairs rather than improvements to rental because repairs are deductible right away and do not have to depreciate over few years as done for improvements.

Hey guys, I came across an interesting idea but I can't figure out if its actually legal.

You end up waiting awhile (around 6 months) for the bank to approve the sale.

Maybe you ought to spend more of your time on raising money legally and forming Partnerships that keeps you in control and buying apartment complexes.He ideally looks for a 6 to 8 cap rate. 

Check with the city if this is a legal 2 unit building.

Owner would therefore face a large capital gains penalty upon selling the asset.Would it be possible/legal to execute a master lease option with a buyout that is intended to outlive the seller such that they can have fixed income for the remainder of their life, and such that their children can receive stepped basis by inheriting the asset that is already under contract (which was obviously written to be binding upon successor's and heirs).

I have good credit and had been approved for 203b/k loans for sfh so that is not an issue.