Upon consideration of the sale of the loan, you are the owner.  

It really comes down to what your property management process is like (as others have mentioned above) and Chicago heights is a neighborhood that you have to take into consideration from a block-by-block perspective; it isn't the greatest area from my experience thus far and as Mark has noted above, school district also plays a part in this as well.  

Especially if values are rising quickly.Where I am, in New York City, we see this a lot.

Try to get something in writing from her that says she is voluntarily releasing possession and returning possession to you, with any pre-paid rents remaining with the landlord as consideration for early lease termination.

Everyone has the BEST Property manager when rents are rising and they have good Tenants. but when there's problems it's like the old Sargent Shultz: "I know nothing." and you're the Owner!

I know this question is probably hard to answer, so if you can give some examples of where previous projects have gone considerably over budget and what caused the problem that may give me a better answer.As always, thanks for the advice everyone, very valuable to a newbie!

The rising tide raises all ships!

I can't begin to tell you how grateful I am if I can get just a few startup questions answered...ENTITIESReal Estate BrokerageREI Tech Company.comProperty Mgmt CoConstruction CoFinancing CoREI Tech Co Apps/Software (IP Involved)REI Marketing & AcquisitionsREI Fix & Flip Co (Same Co as M&A)REI Buy & Hold CoREI Joint Ventures (Flips & Holds)Q: It's been advised that we separate each division beneath one Parent Company 'PCo'.Our DilemmaThe REI Tech Co would be a platform to make offers, auction, and buy Real Estate similar to RealtyBid.com, Auction.com, and Hubzu.com only targeted toward a completely different niche.We intended to charge a Buyer/Seller premium which would be based on a % of the total offer/listing/bid (TBD) in addition to fees for premium services (featuring property, BPO, web based tools, privileges, etc).No doubt the % would be viewed as a consideration for a Real Estate Transaction so the Tech co would need to be licensed.The buyer would have the option to use our Construction Co 'CCo' for rehabs/maintenance and Property Mgmt 'PM'.

ONLY the land has value for new high rises in 2050 thats HOW long it will take for homes to become abandoned bulldozed and combine lots into acres for highrises,,, there is NO sprawl  in miami JUST highrises ... those BAD areas are like that for a reason ...

I have it under contract at $12k, so they would have to settle for considerably less if the seller wants to get anything for the property.