What I can think of the rest of the work for the house is: Sheetrock, paining, flooring, installing cabinets/counter tops in kitchen and bathrooms, tile up around showers, appliances (water heater, dishwasher, range oven, microwave oven), light fixtures, interior doors.I am posting here to seeking advise on any major to-do items I missed?

He's got the property and the financing 100% in your name, like a good flipper you are in and now out of ownership in that property with hopefully a tidy profit, him and his wife live happily ever after, everyone gets what they want.I have no idea what parent to child transfer rules are in PA, in CA (and specifically the Bay Area with our crazy transfer taxes) this would almost certainly be the way to go in order to dodge both transfer taxes and a property tax reassessment.

Pain regarding the books, but seems like the right thing to do. 

As paying by cashiers check each month is  pain, and expensive.

Now, don't get me wrong, I've been a decent return in 63118, but it's been a pain in my side.  

At some point the pain of holding on to it reaches it's peak and whoever follows up gets the property at $120k.  

In fact, some of the best sponsors turn away investors they feel are going to be a pain in the neck.  

(Thanks Rob for sticking with me I know I'm a pain) After paint, carpet, countertops, flooring, and a few busted pipes we were in business.

Using this method I would have pain $16,000 in interest and $45,812 in principle with a balloon payment of $274,188 instead of $305,100!

Kurt:A change lease is an amendment to the current contract (lease) where executing a new lease would replace the present contract.Smartkeys are fine if you have one or two doors, but they do not work in master-key trees and are a royal pain in the @$$ if you have many doors.