These forums are a great place to learn and meet people, whether you're just starting out or you're a seasoned investor.

And as the buyer (my colleague) is now getting closer to closing it's starting to look like it might be worth just cleaning the place out and doing a very low cost rehab (paint, pressure wash and handyman repairs) for a quick sale.

If you plan on keeping the property, all you need is an LLC which you would be the sole member of, unless he wants to be in it too, so share all those set up expenses, ask him..

We tried to place an offer on one but deal fell through, and another one had a lot more work than we anticipated so we pulled out.

Is it possible the current owner didn't know about the fire (ie it happened before they bought the place and it wasn't inspected)?

Everyone is here to share their experiences.

To illustrate the other side, the rest of the island (outside of these resort zones) has historically been a place where owners can only do MTR's - 30 day + stays, but new legislation just got passed and it's looking like a minimum 90 day stay will be required.

She claimed she wasn’t sure what she signed on the court day of June 17 and that she couldn’t find a place to move out within 7 days.

We have let him stay for free for the last 8 year's basically supporting him, with a verbal agreement he would fix up the place.

You have a governmental authority using its power to hinder and regulate private transactions creating some kind of “litmus” test based on god knows whatYou have a seller remaining in a home he sold indefinitely.You have a lender that has twice filed for foreclosure You have a profit sharing arrangement upon resale with the seller/tenantYou’re performing repairs/maintenance on a house while occupied by the seller/tenantAny or all these are lawsuit magnets.If you buy a property, and the seller is a consumer, not an investor, you should NEVER do a profit participation.