@Joy Jones I am not an attorney but here is the way I view it.

I'd recommend taking a step back from the situation, look at it from a 10k foot view and wait until you can approach this with a clear mind and heart.

I don't know the details of a Land Contract.Your W2 comment makes me wonder, can I write off both the interest as well as the loss (diff in mortgage and rent?)

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The inspection will tell you a lot of details on the quality of the house.Analyzing the numbersBased on the numbers it looks like its close to a 1% deal$600/$55,000Where $600 = monthly rent and$55,000 equals cost per unit(I am counting this as a 5 unit moreso than a 6 unit) $275,000 / 5

@Andrew Postell Thank you so much for the detailed response.

Her motivation was to be done with the long distance headache and any money that she realized from the sale was like "bonus" money to her (similar to how folks often view their tax returns as "free" or "bonus" money).

While I was doing my due diligence on this process, I found some difficulty getting details on what to expect so wanted to share my experience as a data point in hopes of helping others who may be going through this process.

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@scottmeyers knows some detail on this I believe.