On the county assessors page under the assessor data there is a portion that states structure description and it list a bunch of items what does the mean ?

There is a portion of the description that says " Outside of the 70K, the right buyer can simply take over the payments on the rest of the house while the rehab is being done.

Hi @Rahul Handa - you'd have to live in it for 2 out of the past 5 years in order to exclude a portion of the gain ... a single tax payer can exclude up to $250k, married couple up to $500k (Section 121 of the tax code).The tax you'd pay if your gain goes beyond those limits will depend on the state the property is in and your personal tax bracket. 

I think it is a great tool, however what about the scenario where a manager/sponsor also contributes a portion of the initial capital?

They want you to "have some skin in game".So we will lend you a portion of the purchase plus (probably) 100% of the rehab costs.

The seller’s lawyer is being very skeptical about the and or assign portion of the agreement.

If you occupy one of the units, then that portion is treated as primary residence and follows those laws.Ohio has the RITA tax so make sure you consult with your CPA on those matters.

What portion of closing costs can you write off for taxes?

@Albert Gutierrez, Some of the other strategies would be: owner financing, seller carry back (seller makes up a portion of the down payment), master lease, partnering, hard money loan, etc.

I'm sure those developers would've rather given up a small portion of their project towards some good cause, instead of court fees, to have their project go through.