Hi, @Ben Roberts.Is she willing to take a loss (i.e., bring money to the closing) or has she considered a short sale with the lender?

Maybe you will find out the really cannot sell without taking a loss.

The bank will pay you back for these items so work them into the loan.

Looks like I could make the same thing work out this way:List price from original seller $35,000.00I negotiate him down to $29,750.00 (15% reduction)Down payment of 15% = $4,462.50My principal = $25,287.50Interest Rate = 5%Term on loan = 15 yrsNote = $199.97Below is where the changed terminology comes into play:Price to lease option holder = $44,625.00 (1.5 x my purchase price)Option fee = $4,462.50 (10% of purchase price, goes towards principal in event of purchase, but is otherwise nonrefundable.)Rent = $500.00Rent credit given toward principal reduction = $250 (if payment is on time.)I pay taxes = $50.00 I pay insurance = $50.00 Buyer covers all maintenance and repairs (except for insurable loss)My monthly profit $200.03 (Rent 500 - Note 199.97 - Taxes 50 - Insurance 50 = $200.03)I look forward to any thoughts or comments.  

This is our first mobile home park purchase and we are doing due diligence following the workbook from boot camp.When we asked the seller for a copy of the survey and environmental study, the sellers agent said they did not do it when they purchased the park a few years ago and they also did not get it from the previous owner.Some agent said these two items are not required by bank so it is not necessary.

  Financing mortgage notes with a 401(k) or IRA is a great strategy because there are no potential losses.

I would check the RLTO on the first item, that may not be allowed in Chicago.The refusing entry is addressed in the RLTO and the summary has to be included with every lease.If you are owner occupied under 6 units you are exempt from the RLTO but I always suggest every landlord use a RLTO compliant lease like the 35 page CAR one that includes everything you need

Helps if someone should try to stiff you.Depending on your clientele, you might want to include a page with a description of the condition of the apartment and/or photos, and have them initial and date each item / photo at move in.

People see these advertising items, and think there is a quick solution to their problem.

Jennifer,You have some pretty awesome long term goals, many of which are mine and I'm sorry to hear about your loss.