State law may shed light on the subject of responsibility no matter what is stated in the executed lease.

You'll also have to show them your fully executed purchase agreement, proving that you actually have the ability to purchase this property for $2M.Also, I believe SBA will allow a 10% construction contingency on top of the number that is substantiated by the general contractor (this would be your "just in case" funds).

--Carrying the mortgage note (for a 2-4 unit property, and hopefully more beyond that)I plan to provide:--Acquisition strategy and leading execution--CapitalWhat are smart and fair ways to split/structure our partnership?

I wouldn't include the actual earnest money with the offer, but say "EM to be provided by certified funds within 48 hours of mutual execution of contract" or something similar.

Obviously, an Executed assignment contract, and the executed purchase agreement that you are assigning.

Whether or not you test, definitely post the disclosure in the MLS so it's executed with the offer, not a surprise later.

But if no heirs step forward to open a probate or execute the transfer, you would have to do it.

I am from Hanover Park, IL ... about 30 miles outside Chicago and I am looking to execute buy and hold strategies along with a flip or two per year.

One is that many people don't have the patience, expertise, credit, etc. to execute the strategy you're describing.

For example, a seller and his partner spent about 45 minutes on the phone going over a home inspection I had performed on a property, and later sent me a detailed report of repair with pictures; and the marketing executive has made himself available day and night to answer questions.