The only repairs we are doing is a major complete bathroom remodel, new sheet rock, window and door in the kitchen, new heating system, and 3k in repairs done to the electric.

Do you tell a lawyer the basic terms and they write up the agreement?

There could be other assumed obligations (heating, cooling, running water, safe electrical when dealing with a rental and you are the landlord).If you want the ability to buy something in the future but not the obligation you are talking about an option.

Basically, I'm interested in the vacancy rate of single family houses, middle income range.

I basically have a home in Las Vegas (2 years old) newly built in 2005 that I need someone to take over the mortgage.

My long term goal here is basically to rent it out for another few years until the market rebounds and then do a quick clean up on it and then sell.

It could very well be basic info (don't know I haven't bought it yet).

The place is basically a dump, falling apart.

If you are buying through an agent they also can provide some basic numbers.As you have family in the area consider asking them if there are any RE attorneys they recommend.

Im still a beginner and im trying to learn the basics.