The communities are typically self-contained, (water, sewer, etc,).

(C) The making of eight or more loans in a calendar year from the person's own funds to the public when those loans are held or resold and are secured directly or collaterally by a lien on residential real property consisting of a single dwelling unit in a condominium or cooperative or on any parcel containing only residential buildings if the total number of units on the parcel is four or less.

Not legal advice but you might at least read: CALIFORNIA- -Single Family- -FannieMae/FreddieMac UNIFORM INSTRUMENT Form 3005 to see what it contains and to educate yourself.

The course contained a lot of material I already knew, but they did teach me things about bank-owned properties and how to go about wholesaling foreclosures.

Within the School District, there are numerous schools.For Instance School District X contains: Green High School Rolling Meadows High School Windbreeze Elementary Rockwall MiddleSchool Mineral Wells High School etcLets use a hypothetical subject property for an example.

You can write a purchase agreement that also contains financing terms, much like a contract for deed, however it's easier to use a note and close.

If buyer is unable or unwilling to perform as defined by the LOI or protocol for the asset(s) contained in LOI all monies, including fees and / or deposits are NON Refundable. 

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Renovation wise I would concentrate on the kitchen and the bathrooms tenants love nicer looking up to date kitchens newer knobs and faucets fresh pain and maybe even ceramic tile the floors if that is in your budget.

I actually do KNOW how the fire started (the owner was smoking in an upstairs bedroom) so I BELIEVE the damage is fairly minimal (and contained) but someone I know said to me "oh, there's smoke damage, forget about it, the smoke permeates EVERYTHING and the only way to get rid of the smell is to gut the entire house (which is why I was worried).CK Hwang - that you for validated what I was thinking.