I believe there are seasoning periods, but it may help minimize taxes and penalties (ask how I know about taxes and penalties when investing with your 401k).

Very good points Karen.As one of the more senior posters, your point of doing some searching for an answer is right on target to my feelings of getting involved by posting.No one likes saying the same thing 200 times.Taking that a bit further, asking something like "how do I do a lease-option" really indicates a lack of effort.

Update: I just spoke to the Comptroller lady and she indicated that I am supposed to file a return quarterly.

Make sure that your new addendum indicates that a sum of money (what it would cost you if you have to hire somebody to complete the repairs) is to be held in escrow pending satisfactory completion of the repairs.

The commission on bank own is minimal anyways.

Since I have minimal credit the owner has agreed to carry the mortgage with a down payment.

And you should comply with those rules anyway since there is minimal cost to do it now.All that said, tenants and buyers will not value a master in the basement anywhere near what it would be worth above grade.

I have talked to his agent and he indicated the owner had problems with the PM company he hired.

What made me a little alarmed was the minimal disclosure - the broker was representing himself as only the broker for a client who was a corporation - not specifically disclosing that he was associated with the corporation.The letter made it seem like the broker had an arms length client who was interested in the building, but the client was listed as "[Corporation], et al." with "address on file" - basically giving minimal information.Has anyone ever sent a partially executed purchase offer to someone, cold?

You cannot double up as it seems you may be indicating.