Depending on their existing SALT as well as their amount of write offs it may be advantageous to use a refi rather than HELOC.So my suggestion is if you proceed teaming with your parents you consult or research the new tax laws and their impact on the finance mechanism. 

It is more of a screening mechanism used to eliminate properties that do not meet preset criteria.  

It's very outdated in style as well as mechanics.

I'm looking for the lease to cover all structural, mechanical systems, electrical, plumbing, appliances, interior, exterior, roof, landscape, hardscape, etc.I have an existing lease already that is solid, but I am looking for Clause samples with T's and C's for the maintenance component.

I think you hit most of them on the head if he is more of a handy man he may not have a contractor lic such as a painter,carpet person or single trade other than mechanical

how about mechanical liens (state of IL) ?

@ Brad WeberDidn't see you post link on the mechanics if a Lease Option Assignment....could you repost it?

This will ensure that no mechanic's lien can be placed on your project.

Mechanics type/quality.

I've already made an offer but continue to receive hesitation in all communications from the seller.The seller is in way over their head from a mechanics and number crunching standpoint and want desperately to walk away with every possible penny.