My in-laws: their parents in their 90's are moving to assisted living.

In this case, since they did not sign any contract, and since they are illegal subtenants (in strict sense of the law), I don't know if any of these legal notices would be valid in court.Does anyone have any ideas on what I can do?

Realize that's kind of a wimpy answer, but before you start requiring licenses, bonding, and insurance, I would figure out your state's laws and your actual potential liability.

There's many variables, such as state real estate law, how do you hold title, what agreements do the two of you have, etc.

If you are holding less than a year you would get hit with short term gains.If you hold for a years time you would get hit with long term capital gains.If you defer the gains with a 1031 after holding a year and selling to the city then you will not pay anything if done correctly.While there is no rule on 1031's case law and 1031 companies site 1 year as being safe to do a 1031.Anything less than that and the IRS has been challenging you are holding for resale purposes and not investment purposes.Simply have the city purchase after your 1st year of ownership is up if you want to avoid the gains taxes and do a 1031.

:I'm also contemplating weather to skip the RE license or i should go straight to broker's license. i heard that test is harder.Unless you majored or minored in Real Estate, you won't be able to test for the Broker's exam without 2 years experience working as an agent for much longer.http://www.car.org/newsstand/newsreleases/2012releases/ab1718From what I understand, the new law goes in to effect on 1/1/13.

I think it depends on Penn. laws but in my state, the lease stays in place as is.

I could likely get 750/month.One down side: this would require an exterior stair (at one of the dormers)......so I'd also appreciate your thoughts on such stairs as a safety/ability issue.

http://www.hoaleader.com/public/545print.cfmYou might want to contact an attorney to see if they could require you by law to have a photo ID.

This will depend somewhat on what your lease and pet agreement says and local laws.