We offered for him to break the lease if he lost his deposit and paid a penalty of one months rent.

Lenders offer many flexible solutions to help investors secure a mortgage. 

There are still materials and maybe some other specific trades, which you and your sons may not be able to do.* Ask that same real estate professional above, if it is worth doing the rehab, if you decide to sell?

Hey guys, I am hoping someone can look at this deal analysis as I am going through a multiple offer situation. 

my key question was around trustee for these land trusts. i can work with the specific legal company to have their trustee initially, and then have a resignation deed which designates me the successor. should i do all this or just have myself as the trustee from the start itself?

In the industry this is most commonly known as a "Fix and Flip" Loan.We are correspondents with dozens of lenders who offer this type of loan.Most commonly, the loan will cap out at 75% of the ARV (But Investors do need cash, this is not a 100% financed transaction)75% has to include the purchase price and the rahab amount requested.The terms can vary greatly.The two most important areas that will impact the terms the most is 1.

That could scare them into offering something.

Great place to start, but would recommend having an attorney look it over to include property specific or owner specific requirements just to CYA.Best of luck

Can anybody offer insight for which things to be mindful of as part of our due diligence before purchase?

Keep in mind that no agent can win you a deal if your going below asking price and they have several offers at or above ask.