He is willing to sign a 5 year lease with me, I do renovations and then I can rent it out until the 5 years are up (I plan to include a buyout clause if he changes his mind) He gets the home renovated, I get into real estate without having to buy a home right now.

For example: Individuals, C Corps (including RIC's, and REIT's), Partnerships, Common Trust Funds, Qualified Settlement Funds, Disputed Ownership Funds, etc.3.

Also, it's imperative to check all plumbing and electrical, including smoke/CO detectors.  

My wife and I had to put down about $2,500 total cost after the new homebuyers' assistance program, whih ended up being 1% down, including fees.

The hml is for $50k which includes 30k rehab expense.

What else should the contract include?

Oh yeah, we also renovated every square inch, including a new roof, HVAC, hot water heater, windows, waterproofed the basement, What was the outcome?

I complete the full house sale contract with the addendum, and take a substantial earnest money.I include that the earnest money is non-refundable in the event that the lease expires.

Here in the USA we're facing 5% rates recently, so over 30 years, your $250K house will actually cost $375 including interest and that does not include property taxes, maintenance, repairs, insurance etc.She said the catch is (at least in areas outside of Tokyo which is booming up to the Olympics), is that used real estate is very cheap so after you buy a home it's guarantee to drop over the years.

If I include the housing allowance my ROI is still very high and it just seems too good to be true.