The buyer will have an inspection period, either now or after lender approval which they might exercise.

As long as the seller realizes his continuing liability on the loans, and that the buyer has the ability to walk away with no personal liability, this can be a great "insurance policy" against inflationary erosion of the dollar.Essentially trading equity for leverage, much depends on your projected holding period, debt coverage ratios, projected growth (positive or negative) for the particular area, etc.

The sale of the home is considered to be for health reasons if the taxpayer's primary reason for selling the home is to obtain medical attention (diagnosis, cure, mitigation, or treatment), or to obtain medical or personal care for a qualified individual suffering from a disease, illness, or injury.Unforeseen circumstances may include: an involuntary conversion (destruction or condemnation of home), unemployment, the inability to pay basic living expenses, or a change in living arrangement such as a divorce or legal separation or multiple births resulting from the same pregnancy, and other reasons to the extent provided in regulationsThe taxpayer's exclusion would have been disallowed because of the "more than one home sold during a 2-year period" rule, except that the taxpayer sold the home due to and of the three reasons listed above.The taxpayer otherwise qualifies for the sale of home exclusion, but there was a period of nonqualified use during which the home was not used as a principal residence (effective for tax years beginning after December 31, 2008).Example: John bought his first home in 2003.

Condos close to the beach (if it's not prohibited by HOA) can generate much larger sums as vacation rentals in summer, and high market rents the rest of the year (students or ?)

Most experts recommend a rental period of at least 12 months or more so that you can easily prove intent to hold for investment.

This most commonly would be achieved by getting the properties under contract to purchase with an inspection period, or working out some type of option to sell deal with the seller.I'm not a coach so I won't get into much more detail other than that.

Knowing the business is the most important part, you can set up the rest as you can.

So...I back-burnered the whole thing (was in the process of moving, etc.) and now you know the rest of the story.

Then they have access to the rest of the magic beans.

He is very motivated to get rid of this, and also has another for me, but he wants $5000 deposit and 20 day inspection period.