I'm pretty excited to get this off my back.Before anyone comes at me with how this is not a wise decision given the time value of money and potential compound growth, just know I am completely aware that I could have invested this money at a higher interest rate and "put it to work" rather than paying down my 4.5% loans, but it was more of a freedom from this non asset-based debt that I was wanting to  get rid of. 

NACA is a non-profit which originates $0 down mortgages that can include rehab costs on 1-4 family properties. 

I am happily married, 5 kids, federal government worker, and I am tired of working long hours just to make ends meat!

They have in-house products for Fannie Mae non-warrantable and I have strong financial reserves, so we are confident that we can close the deal. 

Currently, rent control might go to the ballot in Nov http://www.gazettes.com/news/government/long-beach...There are also discussions in Inglewood, Santa Ana, Huntington Beach, and Orange County and other cities in Los Angeles, and Orange County. 

If using a lender this is a non issue.

He will have to pay tax on the part that is FFE, Good will, or a non-compete. 

@Rommel Pascual I have never run into that.You could lookup who the actual owner of the previous property is in the public records and ask them.

Your LOI is non-binding and generally covers only the high level terms - price, earnest money, timing, contingencies, etc.

A lawyer can access public records , If and when you get sued , and you have no insurance and the judge awards the tenant $ 1.5 million dollars .