I've been browsing this forum for years and listened to countless podcasts and I purchased 2 books by J.Scott who seems to be the father figure here in BP.I feel like the only way I can finally "get it" us by doing it, but the problem is I live in SoCal and with my savings and my income, no bank would offer me a loan needed to flip a house... 

Rent, I didn't do comps because I'm not home but seems about right depending on part of Nutley.

It seems like that could be good, in that you get an answer without having to do the paperwork first, and maybe also get a more personal connection with the seller.

This practice seems a bit unethical by the selling agent.  

I will love to pick your brain as you seem further ahead than I am.

It seems like a good way to get extra cash flow with very little work, plus with only 20% of these tenants actually exercising their option to buy, I'd still keep my rental house. 

Even if you bring down optimistic rent expectation in Charlotte, NC area, it still seems like a good investment on paper.

You seem to think that the owners may not know the value of the house.  

Something about this deal just seems fishy to me.

I would probably use those forms unless I thought the situation was complicated by something.If your lending attorney is familiar with RE lending and works in the space he would have those documents off the shelf to be edited for your situation.On the borrowing end, I've always just pointed the seller to the state website and we used them with the blanks filled in as seemed appropriate.