As far as the actual work involved... you will need to find out what kinds of permits you need, etc.

Probably not.I also see you are in the Republic of Cali, so what a judge may consider consideration may stem from some other aspect of the contract if adequate consideration was involved, but sounds to me like it's that ten dollars together with other good and valuable consideration thing, if the consideration recited is not sufficient for the scope of business to be conducted, your seller may not be bound at all

Iknow that in Cali the broker has leeway in originating a loan, beyond that, I suggest you get a mortgage broker/originator or ensure the attorney understands and can/will certify the note and you as a Realtor (or investor) not get involved in the processing or setting terms.

Come to find out after that the amount due every month changes, so now its in foreclosure despite my regular payments of what I thought was the amount due.I need to refi it into my name so I can stabilize the payments.

You need to qualify that tenant before involving them in anything beyond a lease.

Example they have 500k cash but tell me they want a 11 cap apartment building fully stabilized when the market is trading at a 9 to 9.5% cap.

I have a handy spreadsheet that helps me quickly assemble the various numbers (ROIs, cash flows, etc...) involved in assessing a properties potential.

Naturally, if there is a time-framed lease involved, no changes can be made outside of both parties consent to an amendment.

It is a great sign of growth, stability and desire to continue to evolve.

I'm looking at seller financing and "subject to" and what all that involves.