Madison County does come to inspect short term rentals and also a tax(es) of 11.75% applies on rentals less than 90 days. 

Seller has not had to pay taxes in years since it’s currently zoned as AG1.The property has been Pre-Approved Rezoning to Allow for Sub-Dividing and Building 2-4 Homes.There is currently a single family home on the property there now, built in the 1950s, but will have to be torn down.

Seller has not had to pay taxes in years since it’s currently zoned as AG1.The property has been Pre-Approved Rezoning to Allow for Sub-Dividing and Building 2-4 Homes.There is currently a single family home on the property there now, built in the 1950s, but will have to be torn down.

Though the city needs a lot of work in terms of crime and school, there aren't too many small/mid size cities with the arts, food, nightlife, access to suburbs, lakes, wine region, etc. that Rochester has while having extremely low taxes. 

I've read through the contract and will summarize here with simplified numbers (not the actual numbers) what I believe the contract says and follow up with some questions for you more knowledgeable members:1) Purchase Price: $100k2) Initial Down Payment: $10K3) Buyer pays seller monthly payments based on 30 year amort of 90k at 5% which is $484/month4) Remaining principal balance to be paid off on the defined Closing Date (roughly 2 years from now)5) Buyer pays taxes and insurance6) Buyer to provide Seller a Loan Commitment from a Lender on or before the Closing Date7) Seller will transfer Deed when Buyer pays full Purchase Price8) Buyer will pay the Seller's existing monthly mortgage payment that exists on the property, which is $100/month, directly to the bank.

Properties within 1-2 miles of each other will get different tenants, have different tax rates, be in very different neighborhood classes that are experiencing very different levels of investment and development. 

No Income/Tax/Employment documentation whatsoever.

I can also just withdrawal the contribution amount and avoid the penalty and tax.

Then add ALL costs related to holding the property (utility costs, insurance premiums, property taxes, loan payments, etc.).Concessions: Concessions are what you give back to the buyer at closing.

Data Points:101 Latham Place, CharlottePurchase price - $116,000Buy Side Closing Costs - $5000Total Rehab Cost Budget - $100,000Total Financed Amount (purchase + construction costs) - $190,000Estimated time to Rehab: 5 Months (based on conversations with multiple GC's and Architect)HML Cost to Borrow Interest  - 10,000 (12% rate on 190,000 borrowed across 5 months)HML Cost to Borrow Points - $7,000 (3.5% on 190,000)ARV - $310,000Exit Closing Costs - $3,500Staging Company to Sell - $3,000Holding Costs (utilities, taxes, insurance) - 2,750The Total Rehab Costs is based on what I believe to be a reputable GC who has experience flipping in this neighborhood.