There are some big repairs that needs to be done (create new drive way, changing oil to gas, and removing / filling pool) so that I can use this as a rental.  

The lawyer said around $400).The property can be rented out now, however I did want to upgrade the electrical panel (which is fuse/ with 200amp service/ 100amp per unit), and to change the heating and water, which is currently oil, to electric baseboard heating and put in separate hot water heaters in the units (the area does not have gas, and the lowest electric costs in the country).I want to thank everyone for posting and sharing their knowledge on this site.I would love to hear any feedback on this deal.  

I suppose the oil slump won't hit that area as hard, because many of the people in that area are tied to the downstream side of the business (refining, chemicals, etc.

As anyone in Lafayette knows, the sale market is down right now to the downturn in oil and gas.  

A Hybrid contract of sale... a way to close more transactions by joint venture A commercial contract of sale, 3 pages with special buyer requirements related to environmental conditions, existing suppliers, surveys, buried oil tanks and other conditions that must be known to make a profitable and safe transaction An option agreementAn informational pocket pack with 52 options to financing and control a building without conventional financingBlank checks, pens, carbon paper, A list of referencesDisclosures for lead paint and other state or federal requirementsCell phone with camera to take pictures of the nice things and negative aspects of the property and to take a picture of the contract to email confirmation to seller and to your title company or lenderA gift, something for the seller to remember you by, I give Indian Head Nickels away, pens, note pads.Blank addendum forms - these are used to attach to your purchase agreements (you don't want a lot of chicken scratching on your contracts; use them to write some of the following; 1.

I have witnessed first hand a partner of ours in Houston that has 10+ large B/C class Apt properties and during the oil plunge they actually have done quite well, occupancy at their properties have stayed about 93% and moved up slightly while class A fell off the cliff down 15 to 25% in certain submarkets.  

We have had so MANY lemonades turns into lemon aid that our entire business plan has evolved in the last 3 years.

Later, I turned lemons into lemonade and stopped getting my info from people I hadn't first checked out myself.

Linton, welcome to BP (not the oil company).

I currently buy and sell mineral rights in Oil and Gas so somewhat similar.