We have some family friends that own about 50 of them and have been in the business for over 40 years.If you were in a subdivision with an HOA they would absolutely fight this as it would hurt there values and look and feel of the neighborhood and is probably already outlined in their CC and R's.Typically here we call these lots "pipe farms".You might have 40 homes built and another 60 empty lots from the market crash.Now the builders won't buy the lots even if free because they can't build and sell a new house for what a bank is selling a 2 year old foreclosure for.Also even if you want to do septic on a lot they might require you to connect sewer at the street which can get expensive.Some lots here have a bunch of rock in the soil and would require extensive excavation and costs to put a home on it.During the boom times the developers thought every lot would sell no matter what.Some lots here are for sale for 2,000 but have property taxes of 150 a month and HOA of 175 a month.So 325 a month carrying cost which is 3,900 annually.In the boom times these lots sold for 18,000.So if the market recovered some in 3 years to say 14,000 for the lot.It would look like this before resale costs with commissions and closing.3,900 times 3 equals 11,700 plus 2,000 original purchase is 13,700.With resale costs I would lose on this deal.So I don't buy these even if free because of the holding costs.Sometimes the neighbor will want the land and other times they don't want to pay taxes on it.I sold a lot for a seller in a lake community but did not have a lake view.he sold it for next to nothing about 1,500 just to get rid of the HOA 95 a month fee and property taxes on it.The buyer bought it because it came with an almost free golf membership for the community and was a big yearly value if you played a bunch of golf up there.As far as lots in cities on old streets we have these in Atlanta.If I was rehabbing the house next door I might buy for a larger lot as a selling feature.If not the house has been torn down on the empty lot but the city still has taxes of thousands a year on it.You can file an appeal but they are backed up for 6 months to 1 year before rendering a decision.So I am saying you can make money with lots but there are tons of landmines.I prefer cash flowing properties I can turn around much more.Now commercial lots is a whole other ball game.

I'm concerned she's doing this in a nonchalant way that doesn't convey 1) that it's a serious offer or 2) outline our terms (like cash and as-is).I'm not so keen on writing up a contract on every offer, but wondered if I could submit my own letter of intent and if they show interest THEN have my realtor write up a contract.

I'm in shale gas country, so rentals are expensive and rent quickly.When I purchased the duplex, I gave the tenants a letter outlining the changes to the lease and included a copy of the new lease to be signed.

The addendum is not free license to have any animal, but rather a specific one.The Pet addendum specifically outlines rules and regs and states specific violations such as noise, treatment, being left unattended, leashes, dog houses and anything else you need, and specific actions for violations (this is signed by tenant)Pet deposits are per animal.  

Hey all I made a real basic outline here as to the steps I need to take in order to flip a property.

She may leave as a result, but if your unit will be at or still slightly below market just outline the improvements you're going to do to the unit and then invite her to find another unit for the same rent that will have the same amenities you'll be adding.

Single-member can be flimsier I'd imagine, but these are docs that outline your perpetual entity and will be on file with the banks and title co's for every transaction you do.   

@Howie BakerSorry to hear of this, but since you haven't clearly outlined the details of the deal I'm not sure what the best advice is.

Here is the book to read outlines how to do it " how to own your home years sooner without making any extra payments" I was on pace to pay off my 30 year note of 240k in 9 years as a Medic, until I realized this is a horrible Idea. 

We are very careful to prohibit behaviors not people.We can prohibit the act of smoking on the property, or at least inside.We don't prohibit people who identify as smokers from renting with us - we just tell them they can't smoke on the premises (however we define that) and then outline what the consequences of violating that policy will be.