If certain remodeling is done or certain components of a system are replaced, it can trigger an inspection and/or a requirement to bring the entire house up to code.When purchasing a property that is new to you, be sure to do a comprehensive inspection.

While it is possible that any contract with a  vendor or customer may contain an early termination clause and, transfer of ownership may be a condition which triggers the clause, the new owners are still bound to abide by the terms of the contract.   

I had no problem pulling the trigger as I was very familiar with the area and considered anything under 100k well worth looking into.  

Also, consider your cost basis on the vacant lot and determine your capital gains tax, other municipality taxes that may be triggered, and broker commission if you don't sell it FSBO.  

My name is Julia- been following bigger pockets for years and after talking relentlessly about it for 6 years, I'm finally pulling the trigger and making my first deal in 2016.

@Tim HealeyYou can quit claim deed them, but you run the risk of triggering the "due on sale" clause.

Fortunately I am in no rush and have the time to continue learning and researching before I break into the residential space - then I'll take it from there...the trick is to know when to pull the trigger!

Welcome to the area, let me know if I can ever be a resource- I work in Burlington and used to have a condo that I rented out in Burlington as well, which left me pretty familiar with the area.Chris, we have had a few close calls with folks willing to owner finance but haven't had anyone pull the trigger yet.

If it looks like a good deal with respect to those strategies/goals, then you think about pulling the trigger.

I am working with my brother, who lives in Houston, and we have not been able to get our act together and pull the trigger.