We have a tenative agreement as outlined above, but as I started pondering the legalities I have come to the conclusion this was a little more complex.

I want say that I'm not intelligent enough to eventually learn all the legal in an outs.

Antowar,You are missing a BUNCH of the expenses; such as vacancy, management, maintenance, advertising, utilities paid by landlord (at least during vacancies), legal fees, evictions, capital expenses, etc, etc, etc.

No more extensions, nor would we simply go away, and he could expect to explain the difference between what had actually happened and what he’d been telling us and, and further explain his legal opinion of their rights in any action we might take to enforce the contract and claim damages.Two days later we closed without the deed having been recorded.

You missed a BUNCH of the expenses, such as vacancies, management (even if you do it yourself), advertising, utilities (at least during vacancies), legal fees, evictions, capital expenses (not technically an operating expense), etc.

For the legal work and forms, you might try Legalzoom.com.

Third if it is ETHICAL makes $$ sense but isn't legal don't do it.

Thats why I am asking for suggestions - LEGAL/ETHICAL suggestions lol..

Anything will cash flow with no management, no vacancies, no maintenance, no legal fees, no tenant damage, etc, etc, etc.Mike

The lenders ALL put that restriction right into their approval letters ––the buyer cannot be substituted.