There may be other ways to make money (fix and resell, condo conversion), but on a cash flow basis, this one is a loser.For a project like this to be legit, there is a LOT of paperwork needed.

Hey guys,

A client brought a deal to me where they are the owner of the building and the tenant is buying it from them. All then needed me to do was fill out a purchase contract, set up a title company, coordinate w...

They will tell you if there are fines for them being open and give you some idea of what the cost to resolve them will be as far as the county paperwork goes.Typically, you will have to get the permits re-opened and get the work inspected to close the permit properly.

I have since found someone who better matches my needs: to the point, watches dates and paperwork like a hawk, advises me to keep my next steps going, is assertive on presenting my offer, keeps everyone informed in a timely manner.

All he paperwork need to go to a title company.

But then days later, gohoming said it messed up the paperwork and the house went back to the previous buyer.

Disclaimer- I will end up doing what our accountant advises, I'm just trying to do a little pre planning before we take our tax paperwork to him, and it's nice to get a discussion going to learn from everyone on BP :)Thanks,SR

I had a similar situation with a guy who did roofs in the past.Everybody says you're crazy to use a non-insured guy, but if you're dealing with disreputable, sue-happy contractors who do poor-quality work, then you can't hide behind a mound of paperwork, no matter how high.

A couple years back I closed a HUD deal in my Ira but the paperwork was tough.

I'll announce it once we get his paperwork completed.