You can only offer a 10% discount on FMV... doesn't leave much money for you and still being able to pay him the $405k he owes.

Here are my options:1)Renovate it with the rest of the house and leave it as a second apartment.2)Add a doorway to the main house, remove the kitchen, and remove the extra power meter.

I caught him as he was leaving, and I asked him what the problem is and how much the bill will be.

A take it or leave sort of thing.

Or you could pay him to wash your car and he just happens to leave a bunch of comps on the passenger seat :)

Leave it to good'ol BP to slow the pulse and provide clarity.

I think you should probably have a quick chat with an attorney to make sure the law backs you up, but I believe you can leave the deposit untouched in the names of the 3 original tenants until they have vacated or the lease is changed.

The answers will range due in large part to how the transfer (wholesale deal) takes place and the price points.For instance, if an REO, it is likely not "assignable" so if the buyer of the REO is using a second escrow for a double closing, then they will want a non-refundable deposit so you don't walk away and leave them holding the bag.If it is assignable, then it all depends on the contract wording that they are taking over, if an inspection period timeline is left over, they still have that.In other wholesale deals, they are mostly non-refundable deposits to keep you from backing out at the last minute with nothing to lose, that protects the wholesaler.As for inspections, typically, you as the buyer should do your inspections first, then decide if you want it and at that point, a refundable deposit is not needed, you have already made your choice to purchase the property.

One of his ideas was to break the loan into somewhat 2 loans: The first being a % of the Down Pmt that is personally guaranteed and will be paid off first giving owner the 'skin' in the game so to speak...Its all wrapped into one but a small portion is personally guaranteed.He said he didn't need money down either but when you get down to it, putting a little down solves the problem.

About $15k in debt service leaves me with $30k annual income, not great, but its enough to live off.