The main negative is that the house must be in good shape.

There are more details but these are the main ones.My question is this.

My main concern was am I entering the acquisition loan details correctly?

In my experience (still limited but not a total newb) this manifests itself in two main ways:1.

Rehab costs are $15k which includes a new roof, new kitchen cabinets/countertops (one main kitchen, and one of the attic “apartments” kitchenette) and some touch up paint at the exterior.

Hi All,I currently have a 1/4 acre residentially zoned plot of land under contract via a land purchase agreement with the owner on the main street of the Town of Mount Rainier, MD (PG County), and a couple blocks away form the DC border.The market in the area is pretty hot, and the lot sits close to 2 major mixed-use developments (one of which, Studio 3807, which has been called the biggest residential development in PG County).I do not own the property outright - the owner still holds the title & deed, and I am technically leasing it with the exclusive option to buy. 

First offense in this state is kind of like a DUII its going to cost you 10 to 20k.. in legal and fines.. one of my main guys ( who by the way has made over 250k this half of year alone with me funding his deals) he got tagged for putting a sign in the yard on a house he did not own.. neighbor wanted the house knew he did not own it filed a complaint .. and having to go through the legal and all.. he just knows now he needed a capital partner.. ( ME  LOL ) … But as long as you have Guru's and all the others on BP preaching that its legal.. well there you go.. but 99% of the folks will never do what you do and actually call the state.. and they will get away with it up until one time someone files a complaint against them.Anyway that's my 2 cents. 

You will receive no capital gain for full payoff, which is a main purpose of buying an existing note, i.e. the discount.9.

So, even if str's are allowed today, they might not be tomorrow.As for Daytona specifically, I know a little bit because my Daughter lives there and she owns a business on Main Street, right off the boardwalk.

Since we don't want to negative cash flow for that long, our agent suggested renting the main floor right away as a SFH with the stipulation that they must allow contractors to work on the attic.