Who maintains the road and does lawn care?

You would simply issue him a 1099-INT for interest on the funds.You need to know you are required to do bookkeeping and maintain financial statements as a corporation.

Now it's May, time really flies.

I was trying to avoid defaulting on the loan and maintain our good standing in credit.

This is a pretty involved flip for a first timer and I'm crossing my fingers for you.

You can invest out of state, and I have 5 out of state rentals at this time, but cash flow on them when you consider all factors has ended up being no better than I am doing locally, and I still maintain control. 

Plans and permit for repairsRemove all partitions - including plumbing and electric - installed in the basement and enclosed porch with one story brick building addition being used as part of 1st floor dwelling unit with out a building permit.Submit plans and obtain permit for all related work to authorize alterations to basement or restore the building to the original state. 4037 - Submit plans and obtain permit for enclosed rear porch and brick one story addition now being used as part of the 1st floor dwelling unit.Window trim and sashes are rottingFailed to maintain the exterior walls of a building or structure free from holes, breaks, loose or rotting boards or timbers and any other conditions which might admit rain or dampness to the wallsKnowingly performed construction work in violation of stop work order.

This couple has maintained and managed this place with good quality material, equipment, workmanship and as good landlords.

I know of a few landlords that prefer to maintain more control over what happens with the utilities by keeping the utilities in their name and billing the tenant.

Any exterior repair in this area costs 3-5 times what a 'normal' house would due to the need to maintain the historic look.Finally, you've done the analysis, now tweak the numbers and make the offer!!