I've heard a rumor where a poorly written lease-option was construed as a land contract and had to be treated as such.On the other hand, a Land Contract needs to be foreclosed on if there is more than 20% equity from the purchase price, or more than 5 years from the start of the contract.On a side note; Uncontested foreclosure in Montgomery County is taking about 6 months, contested can take 2 or more years.

there's a couple of interesting twists to it. ...Vacant Land Next to Home"If you have vacant land adjacent to the land on which your home sits, you can only claim the sale of that land as part of a sale of your home if ALL of the following are true: You owned and used the vacant land as part of your home.The sale of the vacant land and the sale of your home happened within 2 years of each other.Both sales either meet the eligibility test or qualify for partial tax benefits as described earlier.If your sale of vacant land meets all these requirements, you must treat that sale and the sale of your home as a single transaction for tax purposes...."

I treat others how I want to be treat but I remember that this is a business. -- skill that was most difficult for you to learn CYA, I keep a copy of everything.

(Read the whistleblower article here: http://www.huffingtonpost.com/ray-brescia/bank-of-america-whistleblowers_b_3464583.htmlDespite how well you may be treated as a Bank of America banking customer, this is a pure example of bad business for investors and for America.

Since the value will be much different after renovations how do banks treat that?

@Craig Montesano,One added lesson I have been taught and have experienced as the truth,THE WAY YOU TREAT PEOPLE WILL AFFECT YOUR RESULTS.

Most carriers treat the multiple LLCs as the separate entities they technically are.

If they want me to work for 4 hours, they will then pay for that work.Start treating your contractors like you treat your other professionals, your CPAs and your attorneys, and you'll get better contractors.

Then treat that banker like one of the family."

A sponsor has to be careful with that structure because it can be treated as earned income immediately and would be a huge tax hit.