The way you could get around the gift issue would be to use the parents as a non occupying co-borrower and as a result the down payment would not be considered gift funds.

Furthermore, I am waiting 2 months after passing to send out letters.I have searched older forums but didn't find much info on this subject (non-probate inheritance leads).

Hey Lawrence,As it relates to traditional financing...As far as I know a NOO (Non Owner Occ) investment property is going to require 20%-25% down depending on the lender.You could however:#1 Get a partner on the next property (ie their borrowing ability + your cash)or#2 Live in your current duplex for at least 1 full year then I believe you can get FHA lending on the next property if you intend to move into that as your primary residence.

We would like to ensure that you have a clear understanding of our rental process up front.We will conduct a credit and background check and contact references as part of the application process.It is important to provide a clear and complete application to make this process as smooth as possible.Please ensure you will meet the following qualification requirements before applying as there is a non-refundable application fee:Stable, verifiable gross income of at least 3 times the monthly rentFavorable credit history - no judgments to prior landlordsPositive references from previous 3 landlordsNo eviction historyClean criminal background check – no feloniesAll applications must be accompanied by a non-refundable application fee of $25 for the first adult and $15 for each additional resident over 18 years of age.This fee covers the cost of the credit and background checks.Again, we encourage you to apply only if you are confident in meeting the qualification requirements.Applications will be processed in the order received, and the fee will only be charged upon processing.If the apartment is rented prior to your application being processed, we will return your application fee.We use TransUnion SmartMove for our screening process.Upon receipt of a completed application with fee, we will send an invitation for you via e-mail to complete the application with SmartMove directly – there will be no additional cost for this beyond the application fee.This process helps protect the integrity of your personal information.

IncludePurchase priceDown paymentEarnest DepositDue Diligence periodFinancing contingency periodDays to closingOnce you have this non binding agreement signed you can start with a basic commercial purchase and sale agreement that the buyer or seller's broker should be able to produce.

Anyway, the next day I went to pull up the listing to show the pictures of the home to my girls and I saw that it was listed to the public as a short sale, for our agreed upon price.

I don't operate in that market; so, I can't tell you for sure.Right now Memphis is undergoing public school reforms where many of the municipalities are building their own school systems.

Other areas have specific time requirements for notices of non-renewal after a tenancy of a certain period of time.

It is now public record.Kentucky, where I am is at least a 6 month state - others are different, GA and TN are VERY fast, then there are bank back logs, sheriff backlogs, etc.So anytime between the time that I was alerted via public record - when the LP was filed - and the date of sale, I can take the deed, make up the back payments, negotiate a short sale, list the house for sale, rent it out and collect rents, etc, etc.

First right of refusal, substitution of collateral, subordination clause, non-recourse provision, pre-payment penalty, etc.