I didn't look up the price he paid but it was assessed at $130K and I'm guessing he paid considerably less than $100K for the property, and made a decent profit after development and constuction costs.He sold all four units within two weeks, thereby reinforcing my belief that there is a market for units like these.

But if it is normal and there are reasons I should take that into consideration in my estimate then so be it.

For the definition to apply the property must be held for sale in an open market environment, actively and appropriately advertised, with the seller and buy have similar to near equal knowledge of the market, neither having an unfair advantage nor acting with undue influence, providing good and merchantable title and for consideration in cash or it's equivalant.

As long as the tenant/buyer obtains his own financing when he exercises his option to purchase, the property seller is not subject to the SAFE Act provisions.The consideration received for the option is not financing.

I think the "will you be running any type of home based busines" question should be part of the initial phone interview, not as a qualifier or disqualifier, but because the answer would influence considerations for rent, deposit and other items for negotiation.

I hope it means they are expecting the market to pick up.A realtor today told me that inventories have gone down considerably due to sales, not due to being pulled off the market.

In addition, in order for the agreement or contract to be considered legally binding, it must also include consideration.

Hard money varies considerably by location.

You would want to consider zoning as well and any code violations that might exist.Commercial properties require considerably more due diligence.

Odds are they will not end up purchasing the property from you, your holding costs will be expensive, and closing costs must be taken into consideration as well.