You will need an appraisal report to segregate the land portion of the purchase price that cannot be depreciated.

Its like a landing at the top of the stairs and rarely can be used as a bedroom.

I like garden stye apt buildings and homes and land.

If they left it in good shape thank God and get on re leasing it.

If section 8 is so great and so well regulated how did it go so pear-shaped for me?

My realtor did find me a buyer, and they are willing to pay a reasonable price, however they don't have the best credit and want to put down $20K (inheritance money) and the rest via land contract for 2 years until their credit improves.

It is in decent shape (better than I was expecting) and by my untrained eye nothing needs to be fixed immediately.

Here's a horror story: I got 50-lots through tax lien foreclosure (year 1997-2002), was going to develop them myself when some investors bought up all the other delinquent liens (1500 liens), and formed an HOA to develop the land . . . it worked out okay at first, I made a good profit selling some finished lots to home-builders, but due to the HOA mismanagement and the economy, I have about $1-million in HOA liens on my lots.

It is in reasonable shape, in a low to mid income area.

I also wonder about the tax impact (full recognition of capital gains at time of "sale") if this is done at scale where the seller may be construed as a "dealer".In my area, quite a few landlords seem to be converting their existing rentals to land contract deals, to get out of the landlording liability and transfer the maint to the buyer, while still maintaining the ability to evict (rather than foreclose) within the first 5 years.