I've made it clear that we cannot provide any legal advice on how to move forward I can only provide information on ways we can move forward in our current lease agreement. 

You never know, I've seen bids that I won 3x my bid, and I made 40% of the contract amount.

Then you just jumped in- reached out to inspectors and a GC and made a flip happen?

Closed in October 2013 at $152,000Over the next few years, I made some additions and repairs (new bedroom, bathroom, and extra kitchen in the basement), and now got two housemates - completely covered my mortgage payments.2015 rolls around and I start studying real estate a little bit more.

Investing in multi families is one thing, but repositioning properties is where the real money is truly made.  

Even those with flood insurance are going to discover the won't be made whole, like they would have (or close to it) from a homeowners claim.So, I think a lot of houses will end up just bring abandoned.  

How would I know if an equity stake made more sense... something like a 60/40 split?

Hi Quinton,This may or may not be applicable to you, but if by "unemployed" you mean "on temporary disability, but my job is waiting for me when I get better, and we have an estimated return to work date," than this would be a scenario where ADA trumps ATR and you can still get a traditional mortgage.Fannie guideline on long-term/permanent disability, on social security disability, and on what may be applicable to you: "temporary leave income," which includes short term medical disabilities.For that last one:Just like women/men on maternity/paternity/pregnant leave, a gap between temporarily reduced income due to medical condition, and your normal income, can be made up for using asset depletion.

Crazy or just someone who made a good move and outsmarted all the other offers.

In case you haven't made a decision about you insurance, I would HIGHLY recommend getting coverage specifically for short term rentals.