What will suck is if he builds a house on it and tries to sell it and when the buyer does a title search they realize he owes a bank $71k + late fees etc etc.Can they go after him personally if they foreclose - it is my understanding they cannot (not an attorney) as they can only take back the property.

There was no max amount that could be charged over the years, or limit to how high or often the HOA fees could go.

Now keep in mind though on your second VA loan the funding fee goes up to 3.3 % unless you are willing to put down 5% which will then bring the funding fee back down to 1.3 % i believe.

We removed the small 4 ft section of fence and had a 6 ft fence installed. 

The option fee would be a just that, a fee, in order to buy the option.  

That is my main focus referring notes for a fee. 

@Jenny Gremillion Other good topics to discuss with your CPA: (1) intend to turn them both into vacation rentals and hold onto them, or (2) installment sale (owner-financing).

I do not know if it will add value, it may if it is uncommon for houses in the area to be insulated. and for $250, well worth doing, it may even help prevent any pipes from freezing in the future. as far as the electric, i do not find that price too bad, the basement will be easy for them to take care of, the 1st floor, they will have to open up the switch and outlets, tie the new wire to the knob and tube and pull the new wire up using that knob and tube wire and re install the switches and outlets, there is some labor involved and is easier with 2 workers. the lights are going to be the hardest for them to do and they may have to open some walls, i would check with the electrician on that and see if you are going to have the added cost of repair and re painting. a lot of times insurance companies will not cover you if there is knob and tube in the house and it was never disclosed to them, so it would be worth it to you for the insurance protection to have it done. over all though, it seems like a good price.

Where you'll find the most variance is in lender Fees. 4.

Normally installment sale has three components1) Your basis that is not taxed 2) Capital gain ( not taxed as your home qualifies for sec 121 gain exclusion) 3) interest - taxed at ordinary rate.