The biggest issue is obvious - north east judicial states with potentially long foreclosure times and very expensive litigation.

The seller could easily refuse to go through with the sale for a ton of different reasons, and then you're stuck with the only recourse being expensive and time-consuming litigation in front of a judge that might have a dim view of lease-options anyway.Are you sure you can't get a rehab loan with an investor-centric local bank like River City Bank?

**Good insurance of course for first line of defense for litigation.

Besides general RE law, there is basic business law just from being in business and civil law pertains as to torts, so do some quick learning there as well.

I'm a civil engineer and I work for Jones and Carter.I only have 5 rentals in Baton Rouge, (where I'm originally from - Geaux Tigers!)

If you decide to go ahead, my newbie advice is to go with an architect/team (surveyor, civil, structural, Title24 etc) very experienced with Oakland City requirements.... could literally make years of difference to permitting process.

Is it a common law or civil law jurisdiction?

He got off the criminal charges, but was found guilty in civil court to the tune of over 5M.

Don't be worried about the bank, but if you want to lose sleep look up civil asset forfeiture.

I am not a lawyer and it could be different in Rhode Island, but I spent a semester studying contract law for a Civil Engineering degree and I believe this was also part of the real estate licensing courses.